January 9 brings a significant options expiry event across major cryptocurrencies. Bitcoin sees 21,000 contracts worth $1.9 billion expiring on the day. The put-call ratio sits at 1.07, suggesting slightly more put open interest, while the max pain level is pegged at $90,000—a critical price point where maximum option losses occur at expiration.

Ethereum follows with its own substantial expiry: 126,000 ETH options totaling $390 million in notional value. The put-call ratio here reads 0.88, indicating a lean toward calls relative to puts. Max pain for ETH is positioned at $3,100.

These metrics matter for traders positioning ahead of the expiry date. The differing put-call ratios between BTC and ETH hint at divergent market sentiment—Bitcoin showing defensive hedging while Ethereum leans bullish. Max pain levels often act as magnets for price action near expiration, making them key reference points for options traders managing their exposure.