Bitcoin and Ether options worth approximately $17 billion are set to expire on Deribit on October 31, 2025, marking one of the largest monthly options expiries this year. The open interest includes 72,716 BTC call option contracts and 54,945 BTC put option contracts, totaling about $14.4 billion in notional value. Ether options account for $2.6 billion in notional value. This expiry coincides with a Federal Reserve meeting on interest rates and major tech earnings, contributing to anticipated market volatility. Traders are heavily positioned in out-of-the-money options, suggesting expectations of significant price movements. Bitcoin is trading near $113,000, close to the max pain level of $114,000, while Ether's max pain level is at $4,110.