The cryptocurrency market is bracing for a significant event as $9.87 billion worth of Bitcoin and Ethereum options are set to expire tomorrow. According to GreeksLive, 109,000 Bitcoin options will expire, with a put/call ratio of 0.93 and a maximum loss threshold of $72,000. The total nominal value of these Bitcoin options is $8.55 billion. Meanwhile, 563,000 Ethereum option contracts will also expire, featuring a put/call ratio of 0.72 and a maximum price threshold of $2,200, amounting to a nominal value of $1.32 billion. This expiration is a key part of the monthly options cycle, with approximately 25% of total open positions expected to close. The distribution of open positions shows a concentration of 12% in May-end and 24% in June-end expiry dates. Despite recent price increases, implied volatility for Bitcoin has fallen below 40%, while Ethereum's remains around 60%, indicating limited aggressive buying in the market.