Over $5.6 billion in Bitcoin and Ethereum options are set to expire today, potentially increasing market volatility. Bitcoin options account for $4.7 billion, with a max pain point at $118,000, while Ethereum options total $944.5 million, with a max pain at $4,400. Analysts from Deribit highlight a split between $110,000 puts and $120,000 calls for Bitcoin, indicating mixed market sentiment, whereas Ethereum shows a more bullish outlook. Data from Glassnode reveals Bitcoin is trading above its short-term holder cost basis, suggesting bullish momentum but also short-term risk. The options expiry could significantly influence price direction, with traders closely monitoring support levels and potential leverage resets.