Approximately 18,000 Bitcoin options with a notional value of $1.47 billion are set to expire today, representing roughly 4.5% of total open interest. The max pain point for this expiry stands at $83,000, with a balanced put/call ratio of 1 indicating neutral positioning between bullish and bearish contracts. Current implied volatility sits near 35%, reflecting extremely low market expectations for future price fluctuations. Options buyers remain cautious amid this subdued volatility environment as the significant expiry event approaches settlement.