Today’s expiring $BTC and $ETH options have significant sizes, with a notional value of $1.8 billion for $BTC and $2,075 for $ETH . The maximum pain points are at $68,000 and $2,075, respectively. The Put-Call Ratio is not high, indicating that the market hasn't fully priced in the worst-case sentiment, but in the period after settlement, prices are more likely to be influenced by the maximum pain points. In the short term, focus on volatility rather than direction.