Bitcoin and Ethereum are facing potential market volatility as 2.27 billion USD in options are set to expire. Bitcoin options make up 1.81 billion USD, while Ethereum contributes 459 million USD. This expiration could lead to substantial market movements as prices move towards their maximum pain levels.

The market shows Optimism with Bitcoin’s put-to-call ratio at 0.65 and Ethereum’s at 0.48. Although the ongoing market movements are from the 97,000 USD max pain level for Bitcoin and 3,450 USD for Ethereum, prices could still be inclined towards these levels as expiration nears.

Analysts have mixed views regarding Bitcoin’s direction. The support level of 92,000 USD is crucial; if breached, it could indicate a potential downturn. However, with lower speculative activity and a decrease in short-term demand, market pressure could ease after the expiry of options.