Over $15 billion in Bitcoin, Ethereum, and XRP options are set to expire on Deribit, potentially causing short-term market volatility. The expiration includes $13.4 billion in Bitcoin options alone, with strategists predicting price movements towards max pain thresholds. Analysts highlight that previous expiry events have resulted in similar volatility, with assets often moving towards key support and resistance levels. Current market conditions show shrinking liquidity and stabilized positioning after recent fluctuations, suggesting a cautious outlook as the market reacts to these expirations.