The expiration of Bitcoin and Ethereum options totaling $3.42 billion is anticipated to notably impact market dynamics, especially around key price levels. This event is creating anticipation among traders and analysts, as options expiration often stirs significant market movements due to the final settling of derivatives contracts.

Bitcoin's put-to-call ratio is currently at 1.09, suggesting that the market sentiment is moderately bearish, though close to neutral territory. This ratio compares the number of open put contracts to call contracts, with numbers above 1 indicating that investors hold more puts than calls, generally seen as bearish sentiment.

Ethereum's options market is also under scrutiny as investors try to navigate the imminent expiration. Both Bitcoin and Ethereum options expirations frequently lead to increased volatility in their respective markets since traders adjust their positions to manage risk or capitalize on anticipated price swings.

The divergence in sentiment between these two leading cryptocurrencies adds an interesting layer to market expectations, as each asset's unique market factors drive speculative behavior despite external influences like macroeconomic conditions and investor sentiment.