May 22 Options Expiry Data

21,000 BTC options are expiring, with a Put Call Ratio of 0.66, max pain at $78,500, and a nominal value of $1.6 billion. 129,000 ETH options are expiring, with a Put Call Ratio of 0.92, max pain at $2,200, and a nominal value of $280 million. This week, Bitcoin ended its one-and-a-half-month rebound, but the market support remains strong. The price action has been relatively flat, and market attention is low. Only less than 5% of BTC options are expiring this week, and ETH options expiring are also just 5%. BTC’s delivery volume is small, with max pain close to the current price, making the Gamma/pin effect near expiry stronger. ETH’s delivery volume is only half of last week’s, and the current price is below max pain. The brief rise in ETH options’ share this month has ended, and post-expiry, short-term IV is likely to decline. Looking at the main options data, Skew continues to decline slightly. The IV of major-term options has dropped significantly compared to last week, with the decline exceeding that of RV, leading to an increase in VRP. Bitcoin’s major-term IV has fully fallen below 35%, and ETH’s major-term IV has also dropped below 50%, with short-term IV expected to be even lower. Large-scale trades are primarily structured transactions, with whales continuously building short-term, low-cost protective positions. Volatility expectations are low, and overall market activity is below expectations.