Just noticed Deribit flagged a pretty substantial options expiration coming tomorrow—about $2.1 billion worth hitting the books at 08:00 UTC. The interesting part is how the sentiment has flipped compared to last week.

BTC options are carrying the weight here with roughly $1.63 billion notional value, and what caught my eye is the put/call ratio sitting at 1.02. That's a shift toward more bearish positioning after the bullish lean we saw earlier. Meanwhile ETH options around $445 million are showing a 0.94 put/call ratio, and open interest has picked up week-over-week—traders are clearly positioning for moves.

Deribit also pointed out both assets are trading below their max pain levels right now (BTC was at $71K, ETH at $2.25K), which typically means we could see some interesting price action as expiration approaches. Worth keeping an eye on if you're holding positions through tomorrow.