- 93,000 BTC options expired; max pain at $100K.
- ETH contracts with max pain at $2.3K.
- Significant market volatility expected post-expiry.
This event highlights potential volatility and liquidity shifts in BTC and ETH markets, influenced by derivatives trading dynamics.
Details and Impact
93,000 BTC options expired on May 30, 2025, involving a put/call ratio of 0.89. The settlement was conducted by Deribit Exchange, known for its global options liquidity leadership. This expiry event represents a $9.79 billion notional value, with options data provided by Greeks.live.
Greeks.live, Options Analytics Platform, “On May 30, 93,000 BTC options expired with a Put/Call Ratio of 0.89 and a maxpain point of $100,000, representing a $9.79 billion notional value. Simultaneously, 624,000 ETH options expired with a Put/Call Ratio of 0.81, a maxpain point of $2,300, and a notional value of $1.62 billion.”
The expiry impacts both BTC and ETH, with ETH options totaling 624,000 contracts. The max pain points were $100,000 for BTC and $2,300 for ETH, affecting trader behavior. These levels are crucial for predicting post-expiry market movements.
Market reactions were prominent, with increased hedging activity observed. The 15% increase in BTC futures open interest signals heightened market activity. Major institutional stakeholders and liquidity providers were key participants, indicating significant trading sentiment shifts.
Analysts suggest short-term price pinning near max pain levels, potentially followed by market direction changes. Historical patterns in large options expiries on Deribit often show similar reactions, with previous cycles resulting in volatility and price adjustments around strike levels. This highlights the continuing importance of monitoring option expiry events for future market trends.
