May 22 Options Data 21,000 BTC options expired, with a put-call ratio of 0.66, a maximum strike price of $78,500, and a notional value of $1.6 billion. 129,000 ETH options expired, with a put-call ratio of 0.92, a maximum strike price of $2,200, and a notional value of $280 million. This week, Bitcoin ended its one-and-a-half-month rally, but support levels remain relatively strong. Market activity was subdued with low investor interest; less than 5% of BTC options expired this week, while only 5% of ETH options also expired. The BTC settlement volume was modest, with the maximum pain point close to the spot price, and the Gamma/pin effect was more pronounced near expiration; ETH’s settlement volume is only half that of last week, with the spot price below the maximum pain point. The brief rise in the proportion of ETH options this month has ended, and IV is likely to decline in the short term after settlement. Looking at key option metrics, Skew continues to decline slightly. IV for major maturities has dropped significantly compared to last week, with the decline exceeding that of RV, resulting in an increase in VRP. Bitcoin’s IV across major maturities has fallen below 35% across the board, while ETH’s IV across major maturities has also fallen below 50%, with short-term levels expected to drop further. Volume is dominated by structured trades, with whales continuously building short-term, low-cost protective positions. Volatility expectations are low, and overall market enthusiasm is below expectations. This article uses the Options Terminal to assist with market analysis and provide real-time insights into the latest options market conditions. Try it now 👉 http://terminal.glvs.ai(Greeks.live)