🚨 Options Expiry Alert. Over $4.3B in BTC and ETH options expire tomorrow at 8:00 UTC on Deribit. BTC: Put Call: 1.09 | Max Pain: $90K BTC positioning is tightly centered around the 90K level. Call and put interest sit in near balance, suggesting traders expect a contained expiry after the recent range bound tape. The clustering around 90K reflects a market waiting for the next catalyst rather than leaning into directional conviction. ETH: Put Call: 1.24 | Max Pain: $3.1K ETH shows a wider spread of strikes, with notable upside interest above $3.4K. Positioning has shifted into a more neutral distribution, yet call concentration hints that traders remain willing to price in larger ETH moves if volatility reawakens. We will monitor how spot interacts with these open interest pockets into tomorrow’s settlement. Disclaimer: Deribit FZE is licensed by the Virtual Assets Regulatory Authority (VARA) for virtual asset exchange services, but does not offer derivatives to retail investors. DRB Panama Inc. is unregulated and serves retail and non-retail investors. Virtual assets are highly volatile, carry significant risk, and may lose full value. They are not insured or protected against potential losses.(Deribit)