Nearly $2.9B in BTC and ETH options expire Friday, with positioning showing a notable divergence. bitcoin:native : $2.66B notional | 33.4K contracts in OI | Put/call ratio: 0.34 | Max pain: $79K ethereum:native : $233M notional | 97.6K contracts in OI | Put/call ratio: 1.30 | Max pain: $2,350 BTC remains heavily call dominated, with the largest concentrations at $82K and $85K. ETH has more puts than calls, with significant put OI around $2,100 and $2,300. Two very different positioning profiles heading into Friday’s expiry.