On January 9th, the options market faced a wave of concentrated expirations. Today alone saw 21,000 BTC options and 126,000 ETH options expiring simultaneously—a substantial scale.

For BTC, the Put Call Ratio stands at 1.07, with the maximum pain point at 90,000 USD. The notional value of these contracts reaches 1.9 billion USD. ETH presents a slightly different picture, with a Put Call Ratio of only 0.88 and the maximum pain point around 3,100 USD, involving 390 million USD in notional value.

From a broader perspective, approximately 2.4 billion USD in options contracts will expire this week, representing 7% of the overall market open interest.

There's an interesting shift in volatility metrics. BTC's implied volatility remains roughly flat compared to pre-Christmas levels, with average IV for major tenors hovering around 40%. In contrast, ETH's implied volatility has decreased noticeably, with major tenors dropping to 55%.

Market sentiment is also reflected in trading behavior—block trades accounted for over 70% of total trading volume today, marking a new high in recent months. From the perspective of position structure, participants are actively positioning bullish calls on BTC for month-end expiry, while simultaneously betting on ETH weakness for month-end.