On November 14, 41,000 Bitcoin options expired with a Put Call Ratio of 0.61 and a maximum pain point of $105,000, representing a nominal value of $3.95 billion. Simultaneously, 228,000 Ethereum options expired with a Put Call Ratio of 0.59 and a maximum pain point of $3,475, totaling a nominal value of $730 million. Both Bitcoin and Ethereum prices continue to decline, with Bitcoin falling below the $100,000 mark and Ethereum experiencing a third consecutive monthly decline. Market sentiment has shifted from neutral to negative. Implied volatility has risen significantly, with Bitcoin's short to medium-term IV nearing 50% and Ethereum's exceeding 70%, indicating increased volatility expectations. The volume and proportion of large bearish Bitcoin options trades have increased, with 30% of trades now focused on hedging. The fourth quarter has been notably poor, marked by significant market uncertainty, suggesting caution against leveraged trading.