Today is a big day for derivatives.

Options expiration of nearly $27 billion — the market rarely ignores that.

By the numbers:

BTC - $23.3 billion, Put/Call Ratio 0.34, Max Pain 95k

ETH - $3.77 billion, Put/Call Ratio 0.43, Max Pain 3k

The market is heavily skewed towards calls, and volatility usually returns after expiration.

Before the close, the price is often pulled towards the max pain zones. Afterward, the restrictions are removed, and the price starts moving more freely.

So, the calm could end very quickly.

Max Pain Price:

The strike price at which the total value of all expiring options would cause the maximum financial loss for option buyers (and max gain for option sellers/writers).

BTC: $95,000

ETH: $3,000