A total of 34,000 Bitcoin (BTC) options and 220,000 Ethereum (ETH) options expired on August 22, with a combined nominal value of $4.77 billion. The BTC options had a put-call ratio of 1.3 and a max pain point of $118,000, while ETH options had a put-call ratio of 0.82 and a max pain point of $4,250. Despite recent price pullbacks, market sentiment remains optimistic as both cryptocurrencies hover near all-time highs. This week's options expiry represents 8% of the current total open interest, a relatively low proportion historically, contrasting with the high daily trading volumes of nearly $5 billion. Implied volatility (IV) has rebounded significantly, with BTC's short to medium-term IV rising above 35% and ETH's main term IV nearing 70%, with short-term IV surpassing 80%. The options market shows a clear divergence, with substantial block trades on both bullish and bearish sides, though bearish sentiment on future volatility appears stronger.