Deribit has announced that over $2.5 billion in cryptocurrency options are set to expire at 08:00 UTC tomorrow. The Bitcoin options account for a nominal value of $2.15 billion, with a put/call ratio of 1.42 and a max pain point at $82,000. Positions are concentrated in the $80,000 to $90,000 range, indicating a bearish bias. Meanwhile, Ethereum options have a nominal value of $408 million, a put/call ratio of 1.13, and a max pain point at $2,550, with positions centered around the mid-$2,000 range. Deribit notes that with protective demand already priced in, the expiration could lead to a reset in hedging pressures, potentially altering price dynamics post-08:00 UTC.