At 4 PM today, the cryptocurrency market will witness an important moment, with approximately 5 billion dollars worth of Bitcoin (BTC) and Ethereum (ETH) options contracts set to expire. This massive options expiration event could have a significant impact on the market.

According to the latest data, the total open interest in Bitcoin options has reached 34,977 contracts, with 14,237 call options and 20,740 put options. The put/call ratio is 1.46, reflecting a cautious attitude among market participants regarding the short-term price movement of Bitcoin. The notional value of these contracts is close to $40.87 billion, and the current maximum pain price for BTC is set at $116,000.

At the same time, the Ethereum options market is also showing a similar trend. The total amount of open contracts is 223,592, with 104,508 call options and 119,084 put options. The put/call ratio is 1.14, corresponding to a notional value of $876 million. The maximum pain price for ETH is $3,675.

As the expiration time of options approaches, market volatility may increase. Investors, especially those who need to adjust positions to mitigate potential risks, may increase trading activity. In this situation, the fluctuation risk of "Vega value" or "Gamma value" could lead to larger price swings in related assets than usual.

For market participants, it is more important than ever to remain vigilant, closely monitor market trends, and manage risks effectively. It is advisable for investors to operate cautiously and adjust their investment strategies in a timely manner to respond to potential market fluctuations.

Overall, the current options market data reflects that investors hold a relatively conservative attitude toward the price trends of Bitcoin and Ethereum in the short term. However, the cryptocurrency market has always been filled with uncertainty, and investors should remain rational and conduct thorough risk assessment and management.