On January 9, a substantial wave of options contracts reached expiration, providing key signals for market participants. Bitcoin options totaling 21,000 contracts expired with a Put-Call ratio of 1.07, indicating a bearish lean in sentiment. The maximum pain point settled at $90,000, with a notional exposure of $1.9 billion across these positions. Ethereum followed with even greater volume—126,000 ETH options contracts coming off the books. The Put-Call ratio here stood at 0.88, suggesting relatively balanced positioning, though tilted slightly bullish. The maximum pain point for ETH was pinpointed at $3,100, representing $390 million in notional value at expiration. These expiration events typically influence near-term price action, as market makers and large players manage their hedges and unwind positions.