January 9th saw a concentrated wave of options expiration in the market. Today alone, 21,000 BTC options and 126,000 ETH options expired simultaneously, representing a significant scale.

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

Expanding the perspective, approximately $2.4 billion in options contracts expire this week, accounting for 7% of the entire market's open interest.

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

Market sentiment is also reflected in trading behavior—block trades today exceeded 70% of total trading volume, marking a new high in recent months. Based on the open interest structure, participants are actively positioning for BTC call options at month-end, while simultaneously betting on ETH downside for the same period.