The market is facing a significant test of options expiration. According to Deribit, this Friday, options worth over $15.4 billion in BTC and ETH are set to expire, with BTC options amounting to $12.66 billion and the maximum pain point at $112,000; ETH stands at $2.75 billion with a maximum pain point of $2,800. The Put/Call ratio is around 0.87-0.88, indicating a bullish market sentiment but not extreme. Options expiration often comes with significant volatility, and if prices approach the 'maximum pain point', severe fluctuations cannot be ruled out. It is recommended to closely monitor volume and capital flow, and avoid chasing highs in the short term.