In a significant event for the crypto market, approximately 107,000 Bitcoin options contracts, with a notional value of $6.6 billion, are set to expire this Friday. This end-of-month expiry event is larger than usual, potentially leading to some market volatility. The put/call ratio stands at 0.5, indicating a predominance of long contracts. The max pain point is $57,000, roughly $4,000 below current spot prices.

Despite this, optimism persists in the Bitcoin options markets, with over $340 million in open interest at higher strike prices of $70K, $75K, and $80K. Total open interest rises to $590 million at $90K and $770 million at the $100K strike price.

Alongside Bitcoin, around a million Ethereum options are also expiring, with a put/call ratio of 0.59, a max pain point of $3,100, and a notional value of $3.6 billion. This brings the total crypto options expiration notional value to over $10 billion.

Despite the potential volatility, the market capitalization hovers around the $2.4 trillion mark, with Bitcoin and Ethereum prices showing signs of recovery. This suggests a continued bullish sentiment in the market, underscoring the resilience and potential of the crypto sector.