Nearly $2.8 billion worth of BTC and ETH options will expire tomorrow, with max pain levels at $76,000 and $2,200 respectively.

On November 12, according to the November 13 options expiration report published by Greeks.live analyst Adam, approximately $2.78 billion worth of Bitcoin and Ethereum options will expire this Friday.

Among these, approximately 34,000 BTC option contracts are expiring with a notional value of $2.48 billion, a Put/Call Ratio of 0.52, and a max pain level of $76,000; while approximately 148,000 ETH option contracts are expiring with a notional value of $300 million, a Put/Call Ratio of 1.55, and a max pain level of $2,200.

Adam notes that under market selling pressure, the spot prices for both BTC and ETH have broken below their respective max pain levels. Meanwhile, BTC's 24-hour volume Put/Call Ratio spiked to 1.64, reflecting an increase in short-term put option demand. Currently, BTC's short-term implied volatility is higher than the medium-term level, and the market remains cautious about price fluctuations around the expiration date.