Just caught Deribit's update on tomorrow's options expiry—$2.1B worth of contracts about to settle. That's pretty substantial. BTC side is carrying most of the weight at $1.63B notional, and here's the interesting part: the put/call ratio flipped to 1.02, so we're seeing more bearish positioning now compared to last week when things looked bullish. ETH is sitting at around $445M with a 0.94 ratio, and open interest there has been climbing week-over-week. What caught my eye is that Deribit flagged both assets are still trading below their max pain levels—$71K for BTC and $2.25K for ETH. Usually when you're below max pain, there's less pressure on the price to move dramatically at expiry, but with that shift in put/call ratios, could be worth watching how this plays out. Deribit's data is always useful for gauging where the smart money is positioned, so keeping tabs on this.