Today, approximately $3 billion worth of Bitcoin (BTC) and Ethereum (ETH) options are set to expire, which could lead to significant price fluctuations in the cryptocurrency market. Traders and investors should closely monitor developments and potentially adjust their trading strategies around 8:00 UTC to adapt to the impact of these expiring options.

Data from Deribit reveals that 26,949 Bitcoin contracts worth around $2.6 billion will expire today, with a significant number of contracts likely to become worthless if Bitcoin reaches $91,000. The put-to-call ratio for Bitcoin is 1.01, indicating a bearish sentiment among investors. On the other hand, Ethereum's put-to-call ratio is 0.92, signaling a more optimistic market sentiment towards ETH.

The expiration of 184,296 Ethereum contracts with a value of approximately $340.7 million is also expected today, with a maximum pain point of $1,800. Despite the higher bearish sentiment for Bitcoin, market analysts anticipate a push towards $100,000 in the near future, supported by low volatility and market structure.

Traders are eyeing opportunities for long positions, particularly with Bitcoin, while considering July volatility positions for potential gains. The market focus seems to be split between shorting Ethereum due to its underperformance compared to Bitcoin and capitalizing on Bitcoin's upward trend.

Although the expiration of options can lead to short-term volatility, especially following the recent $8.05 billion options expiry last week, the market typically stabilizes after contracts settle around 8:00 UTC on Deribit. Despite the potential for price fluctuations resulting from expiring options, the market remains cautiously optimistic about the future price movements of both Bitcoin and Ethereum.