Bitcoin and Ethereum options worth over $3 billion are set to expire today, with over $2.5 billion in BTC and close to $500 million in ETH contracts reaching settlement. The expiry, scheduled for 8:00 UTC on Deribit, is poised to trigger volatility in the broader crypto market.

Bitcoin, facing a potential "max pain" level of $89,000 in today's expiration event, will see 29,005 contracts worth $2.54 billion maturing. The put-to-call ratio for Bitcoin stands at 0.67. Conversely, Ethereum will conclude the expiry of 223,395 contracts valued at $481.9 million, with a max pain point of $2,300 and a put-to-call ratio of 0.72.

The max pain point indicates the price level causing the most financial discomfort for option holders, with both Bitcoin and Ethereum registering a predominance of purchase options. Market sentiment tracker Greeks.live notes a bearish outlook among traders due to heightened volatility and erratic price movements.

The crypto market is experiencing significant uncertainty, with traders adjusting their strategies amidst the ongoing high volatility. While some are opting for downside protection, others are cautiously observing price levels for potential trends. External factors like trade policies and tariffs further complicate the market situation.

As traders await clearer signals before entering new positions, it is crucial to monitor technical indicators and market sentiment to navigate potential volatility effectively. Despite the short-term impacts of option expiration on asset prices, markets typically stabilize over time. The recent strategic Bitcoin reserve order signed by US President Donald Trump adds another layer of complexity to market dynamics.