Bitcoin and Ethereum faced a large monthly options expiry on May 29 as prices stayed below key levels.
Summary
- Bitcoin options worth $6.2 billion expired as BTC traded below the key $75,000 max pain level.
- Ethereum options worth $1.28 billion expired while ETH struggled near $2,000 after recent market weakness.
- Greeks.live said the expiry looked like bearish unwinding, with longs retreating from key resistance zones.
Greeks.live said 84,000 Bitcoin options expired, with a notional value of $6.2 billion. It also said 639,000 Ethereum options expired, with a notional value of $1.28 billion.
The expiry came after Bitcoin fell below $75,000 during the week. Ethereum also traded near the $2,000 zone after losing support.
Bitcoin falls below max pain
Bitcoin’s put-call ratio stood at 0.88, according to Greeks.live. The max pain level was $75,000.
That level sat above the market price during the expiry window. This showed that bulls failed to pull Bitcoin back toward a key settlement level.
Crypto.news had reported that Bitcoin fell toward $73,000 before the expiry. The report also cited ETF outflows as one reason behind market pressure.
The same market setup kept traders focused on the $75,000 level. A move back above it could ease pressure, but Bitcoin failed to reclaim it before expiry.
Ethereum stays under pressure
Ethereum’s options data also showed a large expiry. Greeks.live said ETH had a put-call ratio of 0.81 and a max pain level of $2,200.
Ethereum traded below that level before settlement. This left many bullish positions under pressure as the market moved lower.
The price action also kept attention on the $2,100 level. Greeks.live said traders now watch whether ETH can retake that zone.
Related crypto.news coverage showed Ethereum trading near $2,000 after recent weakness. The move placed ETH near a key psychological level.
Options data shows fragile sentiment
Greeks.live said the market did not show extreme bearish positioning. Bitcoin and Ethereum put-call ratios stayed below 1.
That means puts did not heavily outnumber calls. Still, the latest price action showed that traders had reduced risk.
The firm described the expiry as a form of bearish unwinding. Large positions expired, while long traders failed to reclaim key price levels.
Greeks.live said, “short-term IV is likely to retreat after expiration.” This remains a market forecast and may change if prices move sharply.
June contracts take market focus
Greeks.live said only 20% of options expired this month. After settlement, June options rose to about 40% of open interest.
That shift means the next round of positioning may now guide market direction. Traders will watch whether capital returns after the expiry.
Bitcoin must reclaim $75,000 to improve short-term sentiment. Ethereum also needs to move back above $2,100 to ease pressure.
For now, the market remains cautious. The expiry removed large positions, but it did not restore strong buying demand.