Over $15 billion in Bitcoin and Ethereum options contracts are set to expire on July 25, 2025, amid a significant market decline. The total crypto market capitalization has dropped by $100 billion in just 12 hours, reaching $3.87 trillion. Bitcoin has fallen 3% to below $116,000, while Ethereum has decreased to under $3,600. The expiring options include 103,500 Bitcoin contracts with a notional value of $12.6 billion and 733,000 Ethereum contracts worth $2.75 billion. Traders are predominantly holding put positions, anticipating further downward movement and volatility around 30%. This expiry is closely watched following a previous high of $17 billion in options expiry last month.