Roughly $5.9 billion worth of bitcoin and ether options are due to expire on 15 August, a quarterly event traders often watch for signals on near-term price direction and volatility. Data compiled from derivatives-tracking services show about 39,000 bitcoin contracts and 280,000 ether contracts reaching maturity. The batch carries so-called max-pain levels—where option writers would incur the least combined losses—of US$118,000 for bitcoin and US$4,000 for ether. Large expirations can amplify price swings as traders unwind hedges or roll positions, although the actual market impact depends on spot liquidity and positioning ahead of the deadline.