Nearly $7.5B of BTC and ETH Options Expire May 29

Nearly $7.5 billion of monthly Bitcoin and Ethereum options are set to expire on May 29 as both tokens trade lower. Bitcoin is near $73,350 and Ethereum is around $2,003 after several days of declines.

Bitcoin options account for about $6.2 billion of the expiring notional across 84,112 open contracts. Total open interest shows a Put/Call Ratio of 0.84, with roughly 45,790 calls and 38,322 puts. Options activity is concentrated at higher strikes, especially between $80,000 and $85,000. Bitcoin’s Max Pain-the price at which option sellers would incur the least net loss-stands near $75,000, above the current spot price. Institutional selling into spot bitcoin exchange-traded funds has totaled about $2 billion since May 14, a flow that moved price in the hours before settlement.

Ethereum’s monthly expiry amounts to roughly $1.29 billion in notional across 643,639 contracts. Open interest produces a Put/Call Ratio of 0.74, with about 369,158 calls and 274,481 puts. More than 70,000 puts are clustered at the $2,200 strike. Buying interest is visible at the $2,500 and $3,000 strikes, which are well above the current spot. Ethereum’s Max Pain is recorded at $2,200, above the spot price of roughly $2,003.

Traders and market makers are watching liquidity around the most crowded strikes because last-minute flows can intensify before expiries and move prices sharply. Analysis of gamma exposure shows Bitcoin has begun to break below its main gamma-exposure concentration zone. Ethereum has also fallen below its primary gamma-exposure resistance, with gamma concentrated near the $2,000 level.

Implied volatility has stayed muted during the sell-off. IV across maturities remains below 40 percent, long-dated implied volatility has trended lower, and short-term IV did not show a meaningful spike during the recent three-day decline. The monthly contract’s implied volatility is trading near 20 percent, which affects hedging costs and position adjustments as settlement completes.

The May options settlement will reset options positioning and the gamma structure for the next cycle. Market commentary indicates large investors have not markedly increased hedging activity ahead of the expiry.