This Friday's options expiration is quite significant. Bitcoin and Ethereum together have a notional value of $2.22 billion pending settlement.

Bitcoin is receiving more attention. Among the $1.84 billion options, the Put/Call ratio is 1.05, indicating that the bearish and bullish forces are roughly balanced. The key pain point is at the $90,000 level, which is critical. Specifically, there is a substantial accumulation of put options below $85,000, forming a defensive line below; conversely, from $90,000 to $100,000, the open interest in call options gradually increases. The issue is that around the $90,000 maximum pain point, there is a high risk of "pin risk"—meaning the price could be attracted to this level and fluctuate, causing losses for the holders. The distribution of open interest is closely linked to the spot price range, and this structural setup makes volatility both predictable and difficult to grasp.

Ethereum's situation is slightly different. With an options volume of $384 million, the Put/Call ratio is 0.89, indicating a slight bullish sentiment. The maximum pain point is at $3,100, with most call options concentrated above $3,000. This suggests that the market has a certain bullish outlook on Ethereum.

Interestingly, if the spot price ultimately remains above the maximum pain point, the positioning after options expiration could make market makers more sensitive to upward price movements. In other words, they may increase their response to bullish trends.