Deribit officially disclosed that Bitcoin and Ethereum options with a total notional value of approximately $2.22 billion will expire this Friday. Ethereum options have a notional value of $384 million, a put/call ratio of 0.89, and a maximum pain point price of $3,100. Ethereum call option positions are concentrated above $3,000. Bitcoin options have a notional value of $1.84 billion, a put/call ratio of 1.05, and a maximum pain point price of $90,000. Bitcoin open interest is correlated with the spot price range; there are significant put option positions below $85,000, while call option positions gradually increase between $90,000 and $100,000, creating a "flashback risk" near the $90,000 maximum pain point price.