[Over $4.5 Billion in Crypto Options to Expire, Ethereum's Max Pain Point at $4,400] According to Deribit data, over $4.5 billion in crypto options will expire on September 4. Among them, Bitcoin options have a notional value of $3.28 billion, with a put/call ratio of 1.38 and a max pain point of $112,000; Ethereum options have a notional value of $1.27 billion, with a put/call ratio of 0.78 and a max pain point of $4,400. Bitcoin options lean bearish, while Ethereum options are more balanced.