Back to main

$2.7 Billion in Bitcoin and Ether Options Set to Expire, Revealing Market Sentiment

Approximately $2.7 billion in Bitcoin and Ether options are set to expire on May 24, offering key insights into market sentiment.

According to 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.

READ MORE: DePIN Service Dabba Expands Decentralized Internet Connectivity Across India 

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. 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.

To submit a crypto press release (PR), send an email to [email protected].

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Read on Crypto Intelligence Investment Disclaimer