People say the smart money is in the options market, it may be true, but its a fraction of the overall market. Futures specifically cash settled is the primary driver of the market, futures volume in the last few days is over 100B compared to options volume which is 3B. Bitcoin has a quarterly options expiry of 11B, that is less than 1% of the entire BTC market cap. Max pain is 85,000 at the end of the month, if that hits its more coincidence than market movers. At some point the options market will become a bigger pie than the futures, but not any time soon.