Millions

Bitcoin

On May 31, 69,000 Bitcoin options worth $4.7 billion and 920,000 Ether options worth $3.5 billion expire. The expiry of crypto options contracts is historically linked to price volatility in the crypto market.
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 Source:<a href="https://x.com/GreeksLive/status/1796459645646917996" target="_blank" rel="noopener nofollow"> </a><a href="https://x.com/GreeksLive/status/1796459645646917996" target="_blank" rel="noopener nofollow">GreeksLive</a>
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According to the Deribit data, the put/call ratio for the expired Bitcoin (<a href="https://cointelegraph.com/bitcoin-price"></a><a href="https://cointelegraph.com/bitcoin-price">BTC</a>) options is 0.61. This means more calls (or long contracts) are expiring than puts (or shorts). On the other hand, Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>)&nbsp;&nbsp;options had a put/call ratio of 0.46.
The put/call ratio (PCR) is a technical indicator that reflects trader market sentiment. A PCR below 0.7 is considered a strong bullish sentiment, while a PCR above 1 is considered a strong bearish sentiment.
<h2 id="max-pain-for-bitcoin-at-66-000-eth-at-3-300">Max pain for Bitcoin at $66,000, ETH at $3,300</h2>
The maximum pain point at which most losses will be made by the leverage traders for Bitcoin is $66,000. For ETH, the max pain point is $3,300. BTC is currently trading at $68,210, $2,000 above the pain point, and ETH is trading at $3,738, more than $400 above its pain point.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/efc018ec-8051-495a-8cd4-38230cc07dca.png" alt="" title="">
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 BTC options all expiration: Open interest by strike price. Source: <a href="https://metrics.deribit.com/options/BTC" target="_blank" rel="noopener nofollow">Deribit</a>
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Millions in open interest (OI) are in long positions with strike prices at $70,000, $75,000, $80,000, and even $100,000. Open interest refers to the total number of outstanding derivative contracts that have not been settled. 
A few traders have placed long positions on Bitcoin with a target price of $100,000. With $886 million in open interest (OI) at this strike price, the number of long positions appears significant. The total notional value of all outstanding BTC options contracts amounts to $19 billion.
Related: <a href="https://cointelegraph.com/news/btc-accumulation-restarted-coinbase-btc-supply-9-year-low">Bitcoin price reclaims $70K as Coinbase BTC supply hits 9-year low</a>
<h2 id="post-spot-eth-approval-hangover">Post-spot ETH approval hangover </h2>
The spot ETH ETF approval by the Securities and Exchange Commission (SEC) in May was a significant and bullish event for the crypto market. ETH prices rose 20% in May in anticipation of the approval. However, the SEC only approved the 19b-4 filing, thus delaying the actual listing for trading.
Since the ETH ETF approval, the crypto market has shown a bearish sideways movement, with ETH stuck below $4,000 and BTC below the $70,000 price barrier. Currently, the crypto market is experiencing bearish momentum, correcting from the bullish surge of the past two weeks.
<a href="https://cointelegraph.com/magazine/godzilla-vs-kong-can-sec-prevail-against-crypto-legal-firepower/">Magazine: Godzilla vs. Kong — SEC faces fierce battle against crypto’s legal firepower</a>

$8.2B in Bitcoin and Ether options expire, here’s how it could impact the markets

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Cointelegraph

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