Today marks the expiration of 91,000 Bitcoin (BTC) options and 435,000 Ethereum (ETH) options, with a combined nominal value of nearly $9 billion. The Put Call Ratio for BTC stands at 0.48 with a max pain point of $90,000, while ETH's ratio is 0.68 with a max pain point of $3,000. This expiration represents 25% of total open interest, with bullish options dominating. The crypto market has been experiencing significant volatility, with BTC and ETH prices entering a sharp decline since yesterday. Despite recent relief, market fear persists, echoing the downturn from last year's fourth quarter. BTC finds support at the $80,000 level, while ETH holds at $2,500. Implied volatility for BTC options averages around 45%, and for ETH, it is at 60%, both at their highest levels this year. High trading volumes and repositioning needs are driving market activity, with a strong demand for bearish protection.