The cryptocurrency market is poised for potential volatility as Bitcoin options contracts worth $1.85 billion are set to expire today, January 2, at 08:00 UTC. This significant event, reported by Deribit, could influence short-term price movements for Bitcoin. Simultaneously, Ethereum options worth $390 million will also expire, adding complexity to the market dynamics. The put/call ratio for Bitcoin options stands at 0.48, indicating a bullish sentiment with more call options than puts. The max pain price for Bitcoin is $88,000, a theoretical level where the most options would expire worthless. Ethereum's options have a put/call ratio of 0.62, suggesting a more cautious sentiment, with a max pain price of $2,950. These expiries mark a critical financial test for digital assets, drawing attention from both institutional and retail investors.