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The core focus of today's market is the largest options expiration in the history of crypto derivatives. The world's largest options exchange, Deribit, will settle approximately $27 billion worth of Bitcoin and Ethereum options contracts today, with Ethereum accounting for $38 billion.

The key point of this expiration is the "maximum pain" price. Since the current market price is far below this level, a large number of call options may become worthless. More importantly, in the low liquidity environment during the holiday, market makers' buy and sell operations to hedge "gamma" risk could be sharply amplified, causing prices to move at the critical strike price (which is both a risk and a potential market turning point).