Deribit's $5 billion worth of Bitcoin and Ethereum options expire tomorrow

Deribit posted on the X platform that bitcoin and ethereum options worth more than $5 billion will expire tomorrow at 16:00 (UTC + 8).
Bitcoin options holdings show that after the price fell below $100,000 last week, the market is cautious again. The biggest pain point price remains near $108,000, and the put/call ratio is about 0.83. Hedging activity is active, but there are no signs of panic. Unpositioned squaring contracts are mainly concentrated in $100,000 puts and 120,000 to $125,000 calls, reflecting the current market situation of Bitcoin.
Ethereum options show that the market is cautious but orderly after the recent price drop below $3,700. The biggest pain point is around $3,800, and the put/call ratio is about 0.9, indicating that the position distribution is balanced and slightly defensive. Unpositioned squaring contracts are concentrated in $3,500 put options and $4,200 call options, outlining the key game range of Ethereum.