The cryptocurrency market will witness the expiration of Bitcoin and Ethereum options worth $11.4 billion today. This massive expiration may affect price movements in the short term, especially as both assets have recently declined.

The Bitcoin and Ethereum options expiring this week are significantly higher than last week, as the contracts expiring today are for the month.

May expiration: Over $11 billion worth of Bitcoin and Ethereum contracts are collapsing.

In today's expired options, Bitcoin contracts are estimated at $9.79 billion and Ethereum at $1.63 billion. With this, traders are bracing for potential volatility.

Specifically, data on Deribit shows 92,459 expired Bitcoin options, compared to 25,438 last week.

These expired Bitcoin options have a maximum pain price of $100,000 and a put-to-call ratio of 0.89. This indicates a generally bullish sentiment despite the recent decline of the asset.