A leading derivatives exchange will host an options expiration event this Friday — a total of $2.22 billion in Bitcoin and Ethereum options contracts will settle.

Bitcoin data is even larger, with $1.84 billion in BTC options expiring soon. The Put/Call ratio is 1.05, indicating that the bearish and bullish forces are roughly balanced. Interestingly, the maximum pain point is locked at $90,000, forming a classic "pin risk" — frequent fluctuations around this price level can trigger a large number of stop-losses. Specifically, there are many put options positions below $85,000, while call options are gradually accumulating in the $90,000 to $100,000 range, with bears and bulls engaging in a tug-of-war within this corridor.

Ethereum is somewhat calmer, with $384 million in options awaiting expiration. The Put/Call ratio of 0.89 shows a slight bullish dominance. The $3,100 level has become the biggest pain point, with call options concentrated above the $3,000 mark.

If the spot price ultimately stabilizes above the maximum pain point, the rebalancing of open positions after expiration could make market makers more sensitive to subsequent upward movements, which often means liquidity will fluctuate with price changes.