About 31,000 Bitcoin options worth roughly $1.9 billion and 138,000 Ether options worth about $230 million expire today, for a combined notional value of $2.13 billion. BTC's put-call ratio stands at 0.78 with a max pain level of $65,000, while ETH's put-call ratio is 1.03 with max pain at $1,725. Greeks.live said 6.5% of options expire this week and that market sentiment remains weak. Traders often watch max pain levels around settlement because they mark the price where the largest share of options would expire worthless, which can influence short-term positioning.