This week's BTC and ETH expiry is showing a noticeably different setup from last Friday. BTC → ~$1.73B notional → 22.6K contracts in OI → Largest call concentration: $79K → Largest put concentration: $74K → Max pain: $77.5K → OI put call ratio: 0.78 ETH → ~$362M notional → 147.2K contracts in OI → Largest call concentration: $2,800 → Largest put concentration: $2,250 → Max pain: $2,500 → OI put call ratio: 0.49 The clearest shift is in ETH. Last Friday, ETH put open interest exceeded calls. This week that relationship has reversed, with call OI now more than 2x put OI. BTC remains call led, although its OI put call ratio has risen from 0.61 to 0.78, pointing to a more balanced distribution than last week. Into today’s expiry, ETH has seen the sharper repositioning, while BTC positioning has become less call heavy.