A total of $17 billion in cryptocurrency options are set to expire today, marking a significant quarterly event. This includes 139,000 Bitcoin (BTC) options with a put-call ratio of 0.75 and a max pain point of $102,000, valued at $15 billion. Additionally, 939,000 Ethereum (ETH) options will expire, with a put-call ratio of 0.52 and a max pain point of $2,200, valued at $2.29 billion. The expiration represents over 30% of the current total open interest, leading to a surge in bullish trades. In the past 24 hours, $1.4 billion in bullish trades have been executed, primarily as position rollovers. Despite the high activity, BTC's implied volatility (IV) remains low, with short to medium-term IV below 35%. In contrast, ETH's IV has slightly decreased but remains high at nearly 65%, maintaining a 30% IV spread across cryptocurrencies, offering strategic opportunities for cross-asset volatility trading.