Just checked Deribit's latest update and noticed something interesting happening with tomorrow's options expiry. About $2.1 billion in crypto options are about to settle, and the shift in sentiment is pretty notable. BTC options alone account for $1.63 billion of that, but here's the thing—the put/call ratio just flipped to 1.02, meaning bears are actually taking over from last week's bullish mood. That's a meaningful change to watch.

ETH options sitting at around $445 million with a 0.94 put/call ratio, and I've noticed their open interest is climbing week-over-week, which usually signals something's brewing. What caught my eye on Deribit is that both assets are trading below their max pain levels right now—BTC around $71k and ETH near $2,250. Usually when price is below max pain, you see some interesting dynamics as expiry approaches.

With current BTC trading at $77.88k and ETH at $2.32k, there's definitely room for movement before settlement. The Deribit data suggests the market's getting a bit nervous, and tomorrow's expiry could be a catalyst. Worth keeping an eye on if you're holding through the settlement.