Options contracts with a combined notional value of $2.95 billion expired today, comprising 30,500 BTC options worth $2.63 billion and 116,000 ETH options valued at $320 million. The put-call ratio stood at 1.07 for Bitcoin with a max pain point of $82,000, while Ethereum recorded a 1.17 ratio with max pain at $2,660. Bitcoin has shown a notable rebound on expiration day alongside active block trades in call options, following over a week of consolidation near $85,000. Implied volatility across major tenors has declined to cycle lows compared to last week, while gamma exposure peaks at $90,000 and above, signaling improved market sentiment after a month-long uptrend.