Bitcoin, Ethereum traders brace for $1.9B options expiry
Bitcoin options expiry saw traders cut risk, with Greeks.live data pointing to weak activity, lower implied volatility, and defensive positioning.Greeks.live said 21,000 Bitcoin options expired with $1.6 billion in notional value settled on Friday.Ethereum options activity cooled as 129,000 contracts expired, with ETH spot below max pain levels.Lower implied volatility and defensive whale trades point to weaker appetite after Bitcoins rally stalled. Greeks.live said 21,000 Bitcoin options expired on May 22, carrying a put-call ratio of 0.66, a max pain level of $78,500, and $1.6 billion in notional value. The data also showed 129,000 Ethereum options expired, with a 0.92 put-call ratio, a $2,200 max pain level, and $280 million in notional value. The expiry came after Bitcoins one-and-a-half-month rally lost momentum. Bitcoin (BTC) traded near $77,500 on May 22, while Ethereum (ETH) held close to $2,130, according to crypto.news data. That placed Bitcoin near the BTC max pain level and Ethereum below its ETH level. Traders show less appetite for risk Greeks.live said market activity stayed muted this week. Less than 5% of Bitcoin options expired, while Ethereums weekly settlement also made up only about 5% of open positions. The smaller share points to a lighter expiry compared with larger monthly settlement events. May