Roughly $2.51B in BTC and ETH options expire today, with positioning shifting in an interesting way since last week. BTC: ~$2.23B notional | 28.9K contracts in OI | $81K is the largest call concentration | Max pain: $78K | OI put call ratio: 0.61 ETH: ~$280M notional |113.6K contracts in OI | $2,200 is the largest put concentration | $2,800 is the largest call concentration | Max pain: $2,450 | OI put call ratio: 1.17 The more notable change is in ETH. Last week, ETH open interest was tilted toward calls. This week, puts outnumber calls, with 61.2K put contracts versus 52.4K calls. BTC remains more call heavy, while max pain has moved from $72K last week to $78K today. Into expiry, BTC remains call led while ETH positioning has shifted toward puts.(Coinbase Assets 🛡️)