A total of 143,000 Bitcoin (BTC) options and 572,000 Ethereum (ETH) options expired on November 28, with put-call ratios of 0.51 and 0.48, respectively. The maximum pain points were $98,000 for BTC and $3,400 for ETH, with nominal values of $13 billion and $1.71 billion. Despite significant price declines earlier in the month, BTC has stabilized above $90,000, while ETH hovers around $3,000. Implied volatility for BTC options averaged around 45%, and for ETH, it remained below 70%, indicating elevated levels compared to earlier this year. Large-scale BTC options trading increased around the expiration date, driven by repositioning needs, whereas ETH saw minimal large trades, highlighting distinct market characteristics. The fourth quarter has been notably challenging, marked by macroeconomic uncertainties and significant market divergence, discouraging leveraged trading.