Bitcoin and Ethereum options with a combined notional value of $1.89 billion expired today, as reported by Greeks.live. The settlement included 25,600 BTC options with a put-call ratio of 0.56 and a maximum support level of $70,500, totaling $1.62 billion. Additionally, 155,000 ETH options expired with a put-call ratio of 0.92 and a maximum support level of $2,000, valued at $270 million. This expiration comes amid a sharp decline in Bitcoin prices, which briefly neared $60,000 this week, moving both BTC and ETH away from their maximum support levels. The market conditions have been challenging, with only 6% of options expiring this week as attention shifts to the US stock market. Despite the volatility, implied volatility for BTC rebounded slightly to around 40%, though the market remains cautious with increased demand for defensive strategies. The focus now turns to whether funds will return and if Bitcoin can stabilize.