📊 August month-end expiry on Deribit (Friday): ~15B notional set to roll off. One of the heaviest of 2025 so far. So much for the “quiet summer.” BTC: 11.66B notional | Put/Call 0.88 | Max Pain 116K OI skewed put-heavy, concentrated at 110K–115K. Calls distributed further up the curve, keeping the profile wide. ETH: 3.08B notional | Put/Call 0.74 | Max Pain 3.8K Positioning more balanced, with notable call OI at higher strikes, leaving topside optionality in play. Takeaway: BTC expiry points to persistent demand for downside protection, while ETH looks more neutral. Combined with Powell’s Jackson Hole signal, this expiry may help set the market tone for September.(Deribit)