About $2.51 billion in crypto options are due to expire on Friday on Deribit, led by $2.23 billion in Bitcoin contracts and $291 million in Ether contracts. The positioning appears moderately bullish into expiry: the put/call ratio stands at 0.68 for BTC and 0.62 for ETH, while max pain (the price where option holders would feel the most aggregate loss) is set at $66,000 for Bitcoin and $1,750 for Ether. Both assets were trading above those levels before expiry, suggesting market positioning remains skewed toward call options.