Bitcoin

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Billion

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Approximately $2.7 billion in <a href="https://www.coindesk.com/price/bitcoin/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> and Ether options are set to expire on May 24, offering key insights into market sentiment.
According to Greeks.live on X, 21,000 Bitcoin options are expiring, with a put/call ratio of 0.88.
This shows a near-even balance between buyers and sellers, with a slight lean towards call options.
The maximum pain point, or the price at which most option buyers would incur losses, is $67,000, totaling a nominal value of $1.4 billion.
While the upcoming 21,000 contract expiry is significant, it is overshadowed by a larger event on May 31, when $4.3 billion worth of options are set to expire, according to Deribit.
Deribit data shows that long positions dominate open interest (OI), with $830 million tied to the $70,000 strike price.
Higher strike prices also show significant OI, notably $843 million at the $100,000 mark, indicating a bullish sentiment among traders.
The $60,000 strike price stands out with $388 million in open interest, the most notable for put contracts.
This substantial OI suggests many contracts remain unsettled, showing that bulls are confident in much higher Bitcoin prices.
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OI represents the unresolved value of contracts awaiting settlement.
The options expiry event also impacts Ether, with 350,000 contracts expiring, representing a notional value of $1.3 billion.
The put/call ratio of 0.58 and a max pain point of $3,200 suggest a slightly bullish tone, with more call options expiring than put options.
Greeks.live reports that Ethereum recently led the crypto rally, driven by ETF progress, with a one-day 20% rise.
The short-term options implied volatility (IV) reached 150%, much higher than Bitcoin’s current IV for the same period.
However, a divergence between Bitcoin and Ethereum is evident.
While Ethereum’s bullish sentiment remains strong, maintaining high IV levels for each major term is challenging from a market trading and structure perspective.
This suggests that calendar spreads might be a better choice. In contrast, Bitcoin appears more balanced between long and short positions, with stronger forces selling calls.
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$2.7 Billion in Bitcoin and Ether Options Set to Expire, Revealing Market Sentiment

Crypto Intelligence

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