- Over $11.5 billion in Bitcoin and Ethereum options are expiring today, sparking fears of increased market volatility.
- As crypto prices continue to drop, traders brace for potential deeper losses.
A massive crypto options expiry event is set to shake the markets today, with over $11.5 billion in Bitcoin and Ethereum contracts reaching their end. As May wraps up, investors are bracing for potential waves of volatility that could deepen the current market downturn.
Approximately 92,500 Bitcoin options contracts, worth about $10 billion, are expiring on Friday, May 30. This end-of-month expiry is larger than usual and comes as the broader crypto market suffers continued losses.
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The put/call ratio for Bitcoin sits at 0.87, indicating a slight tilt toward bullish positions, but the “max pain” point—where the most losses will occur—is around $100,000, notably below BTC’s current price. Meanwhile, open interest is heaviest at the $120,000 and $110,000 strike prices, signaling lingering optimism among bullish speculators, according to data from Deribit.
Crypto derivatives platform Greeks Live commented that the market still appears “more optimistic about BTC breaking out to new highs,” despite short-term weakness. The firm also noted that institutional players aren’t rushing in with aggressive bets, instead expecting a “steady, moderate rise.”
In addition to Bitcoin, Ethereum options worth $1.62 billion are also expiring today. With a put/call ratio of 0.81 and a max pain point of $2,300, ETH is showing signs of cooling momentum, mirroring broader market sentiment.
As the expiry looms, total crypto market capitalization has plunged 4.4%, dropping to $3.46 trillion. Bitcoin is down 2% on the day, slipping below $106,000, while Ethereum has tanked 5%, falling under $2,600.
Altcoins have followed suit, with Solana, Cardano, Dogecoin, and others posting steeper losses.
With over $11.5 billion in options on the line, today’s expiry could be a turning point — whether it means deeper losses or a potential rebound remains to be seen. But for now, the crypto market is firmly on edge.
