$7.48 billion notional value of BTC and ETH options expire and settle today, with maximum pain points at $75,000 and $2,200, respectively.

According to Greeks.live data, BTC and ETH options with a total notional value of $7.48 billion expire and settle today. The maximum pain points are $75,000 for BTC and $2,200 for ETH. Specifically, 84,000 BTC options expire, with a Put/Call Ratio (PCR) of 0.88 and a maximum pain point at $75,000—representing a notional value of $6.2 billion. Meanwhile, 639,000 ETH options expire, with a PCR of 0.81 and a maximum pain point at $2,200—representing a notional value of $1.28 billion. From the key options data, BTC’s and ETH’s PCRs stand at 0.88 and 0.81 respectively—not indicating extreme bearishness. Markets had not broadly bet on a sharp, one-sided crash beforehand; rather, positioning appears relatively neutral with a slight defensive tilt. Skew remains relatively stable, reflecting primarily the realization of previously accumulated positions.