The cryptocurrency market is experiencing heightened volatility as over $21 billion in Bitcoin and Ethereum options expire on Deribit. Bitcoin options, valued at $16 billion, show a bullish sentiment with a put-to-call ratio of 0.71. Meanwhile, Ethereum options total $5.08 billion, with a put-to-call ratio of 0.86 and a max pain level close to $3,963. Options analytics firm Greeks.live has highlighted a significant shift in market sentiment, with rising concerns of a deeper correction, especially for Ethereum. Traders are preparing for increased volatility amid macroeconomic uncertainties and changing liquidity conditions.