A significant event took place on August 22, 2025, as Bitcoin and Ethereum options worth $3.82 billion and $950 million respectively expired on the Deribit exchange. This represents a considerable portion of open interest, suggesting active participation from both institutional and retail investors. These high-value expirations reveal the market’s maturing status despite recent price corrections and optimistic long-term sentiment. 8% of open interest was impacted by this event which saw maximum pain levels for BTC set at $118,000 and for ETH at $4,250. Analysts like those from Greeks.Live have noted the price correction theme in play this week, adding to market volatility and influencing short-term movement. Bitcoin traded around $113,492 after a weekly decline of 6.79%, reflecting broader market risk-off sentiment as seen in the performance of altcoins. The impact of these options expirations contributed to market fluctuations, showcasing the continued evolution of both crypto markets and their long-term dynamics.