A total of 100,000 Bitcoin (BTC) options and 690,000 Ethereum (ETH) options expired today, with a combined nominal value of $14 billion. The Put Call Ratio for BTC options stands at 0.73, with a max pain point of $115,000, while ETH options have a Put Call Ratio of 0.77 and a max pain point of $3,800. Despite a recent price surge, both BTC and ETH have retraced over 10% from their all-time highs, yet market sentiment remains cautiously optimistic. This week's options expiry represents over 20% of the current total open interest, highlighting significant market activity. Implied volatility (IV) has rebounded, with BTC's short to medium-term IV around 35% and ETH's major term IV below 70%, indicating a tug-of-war in volatility trends. Notably, bearish block trades have surged, accounting for 35% of today's total options volume, marking a recent high. The prevalence of protective trades suggests a lack of confidence in September's market outlook.