Deribit data shows that over $2.5 billion worth of cryptocurrency options will expire this Friday. Bitcoin options have a notional value of $2.15 billion, a put/call ratio of 1.42, and a maximum stop-loss at $82,000; Ethereum options have a notional value of $408 million, a put/call ratio of 1.13, and a maximum stop-loss at $2,550. Data shows that Bitcoin open interest is heavily concentrated in the $80,000 to $90,000 strike price range, with high put option activity indicating a defensive stance from traders amid market volatility. Ethereum open interest is mainly concentrated around the mid-$2,000 strike price, with strong open put options below the spot price and active call option interest on the upside. Analysts point out that this expiry may cause a short-term reset of market makers' hedging flows as market demand for protection increases and volatility reprices. After expiration, the "gravitation" surrounding the large strike price may weaken, and the price trend after expiration may differ from that in the days leading up to expiration.