This Friday, approximately 107,000 Bitcoin options contracts with a total value of $6.6 billion will expire. Month-end expiration activity will typically be much larger than weekend expiration events, so there may be some market volatility. 📉📈

Today's major BTC derivatives have a put/call ratio of 0.5, meaning long (call) contracts will expire twice as long as short (put) contracts. The point where the most damage will occur, that is, the maximum pain point, is $57,000. That's about $4,000 below current spot prices.

Bulls are still in control in the Bitcoin options markets. There is over $340 million in open interest at the higher strike prices of $70K, $75K, and $80K. Additionally, total OI rises to $590 million at 90K and $770 million at 100K strike price, according to Deribit.

In addition to today's large Bitcoin options, nearly a million Ethereum options are expiring. Their put/call ratio is 0.59, their maximum pain point is $3,100, and their total value is $3.6 billion. This brings the total crypto option expiry notional value to over $10 billion.