Today marks the expiration of Bitcoin (BTC) and Ethereum (ETH) options contracts worth more than $3.3 billion, which could impact short-term price movements after Bitcoin recently reached a record high. While smaller compared to the previous week, the expiration of cryptocurrency options often leads to market volatility. According to Deribit data, the expiring options today have a notional value of $2.8 billion. There are 25,438 contracts open, with 11,435 call contracts and 14,004 put contracts. The put-to-call ratio is 1.22, indicating a bearish sentiment in the market, with traders anticipating downward price movement. The expiring Ethereum options carry a notional value of over $542 million, with a put-to-call ratio of 1.27, suggesting a similar bearish sentiment. The maximum pain price for both Bitcoin and Ethereum is below their current prices, which could attract the market towards these levels as the expiration nears. Analysts predict a potential 15-20% correction in the short term for Bitcoin, with traders hedging against downward moves. Despite this, the overall market sentiment remains bullish, with expectations for Bitcoin to resume its upward trend. Negative funding rates indicate ongoing skepticism, suggesting the possibility of a short squeeze driving prices higher. For Ethereum, the max pain price is $2,450, with current trading at $2,693. Short-term price fluctuations may occur post-expiration, but the markets are expected to stabilize quickly as traders adjust to the new price levels.