Over $16 billion in Bitcoin and Ethereum options are set to expire today, October 31, 2025, at 8:00 UTC on Deribit, marking one of the largest crypto derivatives events of the year. This expiry surpasses last week's $6 billion event, driven by the monthly rollover of October contracts. Traders are closely monitoring max pain levels, which could influence short-term price movements. Bitcoin, currently trading at $109,287, will see 124,171 contracts worth $13.59 billion expire. The max pain price is $114,000, a level where most option holders lose value, potentially drawing Bitcoin's price towards it. The put-to-call ratio stands at 0.70, indicating a mild bullish bias. Key support and resistance levels are identified at $112,000 and $116,000 to $118,000, respectively. Ethereum, trading at $3,854, has 646,902 contracts totaling $2.49 billion set to expire, with a max pain level of $4,100. The put-to-call ratio is also 0.70, reflecting cautious bullish positioning. The significant size of this expiry could lead to increased volatility as positions unwind, with max pain levels potentially guiding short-term price action.