Recently, an important milestone has been noticed — today is the largest annual crypto options expiration day. This time, the scale is indeed significant, with a nominal value of $28 billion, setting a new record.

Looking at the specific data, there are 267,000 options expiring on BTC, with a Put/Call ratio of only 0.35, indicating a clear bullish sentiment. The maximum pain point is set at $95,000, involving approximately $23.6 billion in nominal value, making it the heaviest weight. ETH's situation is slightly more complex, with 1.28 million options expiring. Although the number is several times larger than BTC, the overall nominal value still draws more attention on the BTC side.

Such expiration days are often moments for market participants to realign their positions. Large options expirations can create tangible market pressure. What makes this one particularly special is that the scale has broken historical records, and participants' pricing expectations and hedging demands will be fully released on this day.