According to The Kobeissi Letter, a record 7.1 trillion dollars of options across stock indexes, ETFs, equity index futures, and single stocks are estimated to expire today, including 5.1 trillion dollars notional in S&P 500 options, highlighting an exceptional options expiration event that can move markets, source: The Kobeissi Letter. Cboe notes that large monthly and quarterly expirations often coincide with elevated intraday volatility and shifting liquidity due to dealer hedging and gamma positioning, which can impact SPX and related ETFs, source: Cboe. Traders should monitor SPX, SPY, and QQQ depth, spreads, and volatility measures around the open and close when expiration-related flows typically concentrate, source: Cboe. For crypto, Kaiko has documented periods of positive correlation between BTC and U.S. equities during high-volatility macro regimes, implying potential spillover risk into BTC and ETH on major equity options expirations, source: Kaiko. Crypto traders can track perpetual funding, open interest, and basis as positioning gauges to assess equity-to-crypto stress transmission during today’s flows, source: Binance Research.