69K BTC & 92K ETH Options Expire On 31 May – Is a Massive Sell-Off Coming?


On May 31, the cryptocurrency market witnessed the expiration of significant BTC and ETH options, providing key insights into market sentiment and potential strategies. According to a tweet by Greek Live, 69,000 BTC options and 920,000 ETH options expired, with notable disparities in their respective metrics.

BTC & ETH Options Expiry

A total of 69,000 Bitcoin (BTC) options expired with a Put Call Ratio of 0.37. The Maxpain point was identified at $66,000, and the options had a notional value of $4.7 billion. This data suggests a considerable level of market activity and interest in BTC options, although the Put Call Ratio indicates a stronger inclination towards call options, reflecting a more bullish sentiment among investors.

May 31 Options Data
69,000 BTC options expired with a Put Call Ratio of 0.37, a Maxpain point of $66,000 and a notional value of $4.7 billion.
920,000 ETH options expired with a Put Call Ratio of 0.46, Maxpain point of $3,300 and notional value of $3.5 billion.
The crypto market…

— (@GreeksLive) May 31, 2024

In contrast, ETH options exhibited a slightly different sentiment. The Put Call Ratio for 920,000 ETH options was 0.46, suggesting a more balanced sentiment between calls and puts. 

The Maxpain point for ETH was at $3,300, and the notional value of ETH options amounted to $3.5 billion. Despite the higher Put Call Ratio compared to BTC, the sentiment remained positive overall.

Post-Spot ETH Reaction 

The spot Ether ETF approval by the Securities and Exchange Commission (SEC) in May marked a significant event for the cryptocurrency market. Anticipation of the approval led to a 20% increase in Ether prices during May. However, the SEC only approved the 19b-4 filing, postponing the actual listing for trading.

Since the Ether ETF approval, the cryptocurrency market has exhibited a bearish sideways movement, with Ether remaining below $4,000 and Bitcoin failing to break the $70,000 barrier. However, the market is currently experiencing bearish momentum, correcting from the bullish surge seen in the past two weeks.

What To Expect Now?

Predicting the exact impact of options expiry on Bitcoin’s price is extremely difficult. Typically, spot markets rarely react significantly to options expiry events, but today’s is a notable exception. The total market capitalization has remained relatively flat at $2.68 trillion, with minimal movement in crypto markets over the past 12 days.

Currently, Bitcoin has dropped by 1.8% and is trading at $68,489, while Ethereum has slightly fallen to $3,751. Meanwhile, most altcoins remain in the red, extending their declines from the past few days. Meme coins, in particular, have experienced significant losses.

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