Today marks a record $21 billion in Bitcoin and Ethereum options expiry, the largest of Q3, preparing the market for heightened volatility.

Bitcoin options dominate with $16 billion expiring, showing bullish bets on spot prices near $111,000, well above current levels around $109,500.

Ethereum's $5 billion expiry brings a cautious outlook, with max pain near $3,800, close to ETH's current price just below $4,000 after this week’s sharp drop.

Analysts warn of downside risk for ETH, as puts outweigh calls and market makers buy extra protection, hinting at possible deeper corrections.

This expiry sets the tone for Q4, with traders hedging amid macro uncertainty and positioning for potential rallies into year-end.