🚨 ~$16.5B in BTC and ETH options expires today. bitcoin:native accounts for about $14.4B of the total, with a 0.84 put/call OI ratio and $78K max pain. ETH accounts for about $2.13B, with a 0.66 put/call OI ratio and $2,350 max pain. The BTC book is more balanced between puts and calls, while ETH remains more call-heavy into expiry. The key thing to watch is how spot trades around the largest strike concentrations as this positioning rolls.