By the way, today options on Bitcoin and Ethereum expired with a total volume of about $2.1 billion. For BTC, it was about $1.7 billion and nearly 23,000 contracts; for ETH - about $370 million and 176,000 contracts.

The key levels of maximum pain were:

$70,000 for Bitcoin

$2,150 for Ethereum

Usually, on such days, the market is approached with caution because options expiration often increases short-term volatility. But today, the market was rather calm, and we did not see strong movement. For Bitcoin, the sentiment remained close to neutral: the put-call ratio was 0.96. For Ethereum, it was slightly more cautious: 1.04.

At the same time, the market still remains sensitive: Bitcoin previously failed to stay above $75,000, and from spot BTC ETFs, outflows of $253.7 million were observed for two consecutive days.

The main point here is that the very fact of expiration does not automatically set the direction for the market. More often, it is just a moment when participants restructure positions, and further movement depends on liquidity, sentiment, and the overall background.