Nearly $7.5B of Bitcoin, Ethereum options expire today

Nearly $7.5 billion of monthly Bitcoin and Ethereum options are set to expire on May 29. Both assets are trading below their calculated max pain levels ahead of the settlement: Bitcoin around $73,350 with a max pain at $75,000, and Ethereum near $2,003 with a max pain at $2,200.

Bitcoin’s monthly expiry covers about 84,112 open contracts with a notional value near $6.2 billion. Total open interest shows a put/call ratio of 0.84, with 45,790 calls and 38,322 puts at the close. Open interest is concentrated at higher strikes, notably between $80,000 and $85,000. Institutional ETF selling of roughly $2 billion since May 14 coincided with the recent dip below the monthly max pain level in the hours before settlement.

Ethereum’s monthly book comprises about 643,639 contracts worth roughly $1.29 billion. The option market shows a put/call ratio of 0.74, with 369,158 calls and 274,481 puts at the close. Strike-level activity concentrates at $2,200, where more than 70,000 puts sit. Higher strikes at $2,500 and $3,000 still show buying interest. The recent price drop left many call positions out of the money ahead of settlement.

Traders are watching liquidity around the most crowded strikes because flows often intensify near expiry and can produce sharp price movements. The settlement could prompt significant liquidations, change open interest and alter dealers’ hedging requirements during the current market correction.

Analysts tracking gamma exposure note Bitcoin has begun to move below its main GEX concentration zone, reducing support from open interest. Ethereum has also moved below its primary GEX resistance, with gamma concentrated around the $2,000 level. Implied volatility across maturities remains under 40 percent, long-dated volatility has been drifting lower, and short-term implied volatility did not spike after a recent three-day sell-off. The May options contract’s implied volatility was trading near 20 percent going into settlement.

Monthly options expiry is the regular settlement date when the largest accumulated volumes of derivative contracts are exercised, assigned or expire worthless. The event concentrates liquidity and can prompt rapid rebalancing by institutional sellers and options market makers. Market participants are monitoring whether key support levels hold; large investors did not materially increase hedging ahead of the close.