4.97 billion $ options for BTC and 1.26 billion $ options for ETH will expire at 15:00 on 28/02.
Value of BTC options: 4.97 billion $
Put/Call ratio: 0.79
Max Pain price: 98,000 $
Value of ETH options: 1.26 billion $
Put/Call ratio: 0.57
Max Pain price: 3,000 $
In simple terms, at the time of expiration, if the price of BTC or ETH is close to the Max Pain price, most investors holding options will incur the greatest losses.
In this case, for example with BTC options, the Put/Call ratio of 0.79 indicates that the number of buy contracts exceeds sell contracts. If BTC drops at the time of expiration, most Call option holders will suffer significant losses, while those who bought Puts may benefit.