Over 26,000 Bitcoin (BTC) and 165,000 Ethereum (ETH) options are set to expire on May 9th, according to data from Greeks.live, representing a combined notional value of $2.67 billion and $360 million, respectively. The maximum potential loss for BTC options is capped at $94,000 with a Put Call Ratio (PCR) of 1.05, while ETH’s limit is set at $1,850 with an even higher PCR of 1.42. Both Bitcoin and Ethereum have recently experienced strong gains, with Bitcoin surging past the $100,000 mark and Ethereum seeing a remarkable 20% increase in a single day to over $2,200. The implied volatility (IV) for BTC’s maturities remains steady around 45%, while ETH’s short-term IV has exceeded 100%. This sharp rise in ETH’s price is attributed to the increased interest and speculation surrounding DeFi protocols.