The options market on January 9th experienced a wave of expirations. Today alone, 21,000 BTC options and 126,000 ETH options are expiring simultaneously, a significant scale.

For BTC, the put-call ratio is 1.07, with the maximum pain point at $90,000. The notional value of these contracts reaches $1.9 billion. The situation for ETH is slightly different, with a put-call ratio of only 0.88, and the maximum pain point around $3,100, involving a notional value of $390 million.

From a broader perspective, nearly $2.4 billion in options contracts are expiring this week, accounting for 7% of the total market open interest.

There is an interesting change in volatility. BTC's implied volatility (IV) remains roughly the same as before Christmas, with the average IV for major maturities hovering around 40%. In contrast, ETH's implied volatility has decreased significantly, with major maturities dropping to 55%.

Market sentiment is also reflected in trading behavior — today, block trades account for over 70% of total trading volume, a new high in recent months. From the open interest structure, participants are actively positioning for bullish options at the end of January for BTC, while also betting on ETH to decline by the end of the month.