I just noticed that a massive options liquidation is coming tomorrow on trading platforms. About $2.1 billion worth of options will expire at 08:00 UTC, and this includes a very large portion of Bitcoin and Ethereum contracts.

Specifically for Bitcoin, the notional value is $1.63 billion, and notably, the put-to-call ratio has reached 1.02—meaning the bears have the upper hand this time after the bulls dominated last week. As for Ethereum, its value is around $445 million, with a put-to-call ratio of 0.94, and open contracts have increased compared with the previous week.

According to Deribit data, both assets are now trading below their respective maximum pain levels. Bitcoin is at $71,000, its maximum pain level, and Ethereum is at $2,250. The current prices for Bitcoin are around $77.34K, and for Ethereum around $2.31K—both are above these pain levels.

Anyone following Deribit and monitoring options activity knows that such large figures affect the market. The balance between puts and calls gives us an idea of traders’ expectations, and the shift from bullish dominance to bearishness in Bitcoin may indicate growing caution in the market. This is definitely worth watching closely.