Group 1: Bitcoin Options Expiry - Over $3.16 billion worth of Bitcoin and Ethereum options are set to expire, with Bitcoin accounting for approximately $2.69 billion of this total [1][2] - The current trading price of Bitcoin is $87,194, reflecting a 0.54% increase over the past 24 hours, with a max pain level for expiring options at $88,000 [2] - Open interest data shows a total of 30,815 contracts, with 17,506 call contracts and 13,309 put contracts, resulting in a put-to-call ratio of 0.76 [3][4] Group 2: Market Sentiment and Positioning - The positioning around the $88,000 level indicates limited upside momentum unless Bitcoin breaks higher, suggesting a range-bound market [4][5] - Analysts note a slightly heavier put positioning, reinforcing the view that Bitcoin could remain contained through the expiry period [5] Group 3: Ethereum Options Expiry - Approximately $473 million in Ethereum options are expiring, with Ethereum trading at $2,928, which is a 3.37% increase in the last 24 hours, and a max pain level of $3,100 [6] - Ethereum's open interest is more evenly split, with 78,524 call contracts and 83,547 puts, resulting in a put-to-call ratio of 1.06 and a total open interest of 162,071 contracts [7] - The positioning for Ethereum is more distributed across strikes, indicating greater uncertainty about the near-term direction, with notable upside interest above $3,400 [8]