Bitcoin options worth $2.1 billion are set to expire today, February 6, 2025, at 08:00 UTC, with a max pain price of $80,000. This significant event, alongside $390 million in Ethereum options expiring, is expected to influence market volatility. The put/call ratio for Bitcoin stands at 0.60, indicating a bullish sentiment among traders, while Ethereum's ratio is more balanced at 1.01, with a max pain price of $2,450. The expiry represents one of the largest single-day settlements in recent months, drawing attention from both institutional and retail investors. Market participants are closely monitoring the potential impact on Bitcoin's spot price, which is currently within 3% of the max pain level. The event underscores the growing sophistication of the crypto derivatives market, with large expiries becoming key milestones for price discovery and risk management.