Bitcoin and Ethereum prices are struggling with bearish performance as the broader cryptocurrency market flips notably into the negative territory. Nonetheless, with key upcoming events, the market is expected to experience a major shake-up that could either lay the foundation for an upward move or a downside move.Massive Bitcoin And Ethereum Options Expiry To Shake MarketsA major derivatives event regarding Bitcoin and Ethereum, the two leading digital assets, is poised to put the cryptocurrency market on edge. While the broader market is struggling to gain stability, billions worth of options tied to BTC and ETH are scheduled to expire today.Crypto expert and investor Milk Road recently announced on the X platform that $16.4 billion in BTC and ETH options are up for expiry. Such large-scale expiries frequently serve as triggers for volatility, as traders modify positions, unwind hedges, and respond to changing conditions across the market. According to the expert, this event set to take place today is one of the largest single-day options expiries of the year. With a large percentage of open interest centered on important price points, the short-term direction and liquidity circumstances may be impacted by this expiry’s outcome.Historically, options expiry at this massive scale leads to the formation of what traders call max pain. Specifically, this is where the price point is at which market makers lose the least, and the majority of contracts expire worthless. As expiry moves closer, prices are expected to be pulled toward this level.Milk Road flags this event as a gravitational effect, with $16.4 billion expected to create a lot of gravity. Soon, Bitcoin and Ethereum are likely to be in a phase of tug of war as options holders and spot traders compete for positions in today’s event. Here’s What To Expect Following The EventAs the event approaches, Milk Road has mapped out the potential outcome. While Bitcoin takes the bulk portion of the $16.4 billion notional exposure, Ethereum also accounts for a meaningful chunk. Thus, both assets could swing hard in either direction prior to when the bell rings, and those with active unhedged spot into expiry will be taking on extra risk.After the event, $16.4 billion in open interest will be taken out, and the max pain gravity disappears with it. In that scenario, the market is likely to decide its next move. However, post-expiry direction hinges on where the spot is positioned when the noise clears. If Bitcoin and Ethereum were suppressed into the event today, the release could serve as a trigger for sustained upward movement. Meanwhile, in an opposite scenario where both assets have been running hot, the unwind could be painful, making this event crucial for the market.