Over $2. 3 billion in Bitcoin (BTC) and Ethereum (ETH) options near expiration today, amid growing defensive positioning, BTC holds firm near $71,500, and implied volatility retreats from recent highs. Crypto futures open interest rose 2% to $102 billion in the past 24 hours. However, flat-to-negative funding rates and cumulative volume delta suggest the buildup is driven by cautious bearish bets rather than fresh long exposure