Bitcoin is set to experience one of its largest monthly options expiries, with $15 billion in contracts expiring amidst a backdrop of declining volatility. This comes as the cryptocurrency market sees a surge in Bitcoin derivatives activity, increasing 25% during the quarter compared to last year's average. The max pain point is identified at $102,000, indicating where the most contracts would become worthless. Bitcoin's implied volatility has dropped to its lowest levels since October 2023, further suggesting limited price fluctuation expectations. The market shows a slight pessimism reflected through a put-to-call ratio of 0.73, while Bitcoin trades around $107,600. Analysts predict that if Bitcoin can surpass $110,000 post-expiry, it may open the doors for further momentum in the market, especially if there are strong spot flows with options activity. Meanwhile, Ethereum has maintained a more stable volatility level, indicative of higher potential market movements. Overall, the current landscape indicates cautious trading before the expiry, amid geopolitical tensions that have kept traders vigilant in their positions.

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