While taking a pause from the bullish run, Bitcoin (BTC) and Ethereum (ETH) saw a retreat today as the cryptocurrency market prepared for a massive $3.1 billion options expiry scheduled for May 16.
According to data from Deribit, a leading crypto options exchange, Bitcoin options make up $2.66 billion of the total options expiry, with a Put/Call ratio of 0.99 and a max pain point at $100,000 while Ethereum options accounts for $525 million, lean more bearish with a Put/Call ratio of 1.24 and a max pain point of $2,200, indicating stronger hedging activity.
This near-even ratio reflects a market split between bullish and bearish sentiment, suggesting uncertainty among traders.
At the time of writing, Bitcoin (BTC) is trading near $102,300–down 1.53% and Ethereum (ETH) is at $2,552, marking a decline of 2.53% in the past 24 hours.
The max pain point—where the most options contracts would expire worthless—often acts as a magnet for prices during expiries, potentially driving volatility. Historical data from CoinGlass indicates that such large expiries have led to price swings of 5-7% in 60% of cases over the past two years, a trend that has traders on edge.
Deribit, which controls roughly 85% of the global BTC and ETH options market, plays a pivotal role in these dynamics, amplifying the event’s impact.
As the market moves towards the weekend, traders are closely monitoring for potential catalysts that could exacerbate price movements, especially given Ethereum’s higher put interest, which echoes hedging patterns seen during the 2022 Ethereum Merge when funding rates turned negative. Meanwhile, Bitcoin’s balanced sentiment leaves room for either a breakout or a deeper pullback, depending on macro factors.
Also read: Ethereum Price Retests $2700: Can ETH Hit $3000 This Month?
