Friday is another options expiration day. Data shows that the total size of Bitcoin and Ethereum options contracts set to expire is $2.22 billion, with Ethereum accounting for $384 million and Bitcoin reaching $1.84 billion.

Looking at Ethereum: the Put/Call ratio is 0.89, indicating that bullish sentiment is slightly dominant. The maximum pain point is set at $3,100, and there are quite a few bullish options positions above $3,000, which warrants close attention.

The situation with Bitcoin is even more interesting. The Put/Call ratio is 1.05, indicating a slight dominance of puts. The maximum pain point is at the $90,000 mark—an integer level—and there is also a "pin risk" forming here. How to understand this? Below $85,000, there are many put options, while in the $90,000 to $100,000 range, bullish options gradually increase. This distribution of longs and shorts makes the $90,000 level particularly prone to sharp volatility, so traders need to be cautious of pin risks. The open interest closely relates to the spot price, so to anticipate market movements in advance, keep a close eye on these key levels.