ProShares - Bitcoin ETF (BITO)

BITO trades at $20.75, 6.4% above the near-term max pain of $19.5 expiring Oct 10, 2025 (4 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is rising across expirations ($13-$25), reflecting growing call interest at higher strikes. Key magnetic zone at 20 where 9 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for BITO shows an upward trend from 13 to 25, suggesting bullish positioning in longer-dated options. The 62% spread signals divergent expectations across timeframes. Most levels below 20.75 may cap rallies. Strong magnetic level at 20 (9 expirations). Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.