On January 9th, the options market experienced a concentrated wave of expirations. Just today, 21,000 BTC options and 126,000 ETH options expired simultaneously, with considerable scale.

For BTC, the Put Call Ratio stands at 1.07, with the maximum pain point at $90,000, with these contracts carrying a notional value of $1.9 billion. ETH's situation is slightly different, with a Put Call Ratio of only 0.88 and maximum pain point around $3,100, involving $390 million in notional value.

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

There's an interesting shift in volatility metrics. BTC's implied volatility is roughly in line with pre-Christmas levels, with IV averages 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 accounted for over 70% of total trading volume, a new high in recent months. From the open interest structure, participants are actively positioning in BTC call options for the end of the month, while betting on ETH declining by month-end.