Core Insights - Over $16 billion in Bitcoin and Ethereum options are set to expire on October 31, 2025, marking a significant event in the crypto derivatives market [1] - The current Bitcoin price is $91,389, with a maximum pain point at $100,000, indicating a bullish market sentiment despite recent volatility [2] - Historical trends show Bitcoin's price often moves toward the max pain zone as expiry approaches, with 145,482 contracts worth $13.28 billion closing during this expiry [3] Market Positioning - The put-to-call ratio stands at 0.54, indicating a greater number of traders are betting on price gains rather than losses, with call open interest at 94,539 contracts exceeding put open interest at 50,943 [3] - Recent market pullbacks influenced traders' positioning, with long put traders taking profits as Bitcoin reached $81,000 to $82,000 [4] - A notable bullish end-of-year call condor trade, initially 12,000 contracts with a premium of approximately $6.5 million, suggests traders are anticipating a strong rebound in December [5]