Today, 20,000 Bitcoin (BTC) options expired, featuring a Put/Call Ratio of 0.73 and a maximum pain point at $79,500, with a notional value of $1.6 billion, according to Greekslive data. Simultaneously, 182,000 Ethereum (ETH) options expired, showing a Put/Call Ratio of 0.93 and a maximum pain point at $2,350, with a notional value of $410 million. The implied volatility (IV) for Bitcoin's short-term options is approximately 35%, while Ethereum's short-term IV stands at around 50%. Both cryptocurrencies experienced modest declines in implied volatility across medium- and long-term expiries.