★Max pain at $75k but $596m in $20k Bitcoin puts expose market’s fear

"The significant open interest in deeply out-of-the-money put options, despite a higher "max pain" point, signals a persistent tail-risk hedging demand among sophisticated participants. This reflects underlying capital allocation concerns and potential systemic vulnerabilities, even as spot prices remain elevated. Such positioning can amplify downside volatility during market dislocations, impacting overall portfolio risk metrics."