Greeks.live reported that 21,000 Bitcoin (BTC) and 126,000 Ethereum (ETH) options expired on January 9, totaling almost $24 billion in value—around 7% of overall holdings. The max pain level, the point where option holders experience maximum loss, stood at $90,000 for BTC and $3,100 for ETH. Implied volatility was approximately 40% for BTC and 55% for ETH at the time of expiration.