The Bitcoin options market saw 27,000 contracts expire with a bearish Put-Call Ratio of 1.03, while Ethereum options recorded 220,000 expiries with a Put-Call Ratio of 1.36.
The broader cryptocurrency market could be bracing for major volatility ahead as a massive $3.3 billion worth of Bitcoin BTC $105 539 24h volatility: 1.9% Market cap: $2.10 T Vol. 24h: $25.12 B and Ethereum ETH $2 405 24h volatility: 4.5% Market cap: $290.02 B Vol. 24h: $14.14 B options expire today. This massive options expiry comes soon after the US CPI and PPI numbers were released earlier this week, as market analysts expect major volatility ahead.
Bitcoin Options Expiry and Price Action
A total of 27,000 BTC options expired with a Put-Call Ratio (PCR) of 1.03, a Max Pain point at $100,000, and a notional value of $2.76 billion. This PCR above 1 indicates a bearish market sentiment.
Greeks.live analysts observed that Bitcoin’s recent rejection at the $105,000 level occurred in an overextended market environment. They noted a shift toward caution among traders, with defensive strategies taking precedence. Rather than chasing momentum, many participants opted to sell, reflecting a more conservative market sentiment.
May 16 Options Data
27,000 BTC options expired with a Put Call Ratio of 1.03, a Maxpain point of $100,000 and a notional value of $2.76 billion.
220,000 ETH options expired with a Put Call Ratio of 1.36, a Maxpain point of $2,300 and a notional value of $570 million.
This week's… pic.twitter.com/J7221b0EAB— Greeks.live (@GreeksLive) May 16, 2025
Several traders are taking profits on long calls and rotating into more defensive positions as they feel “everybody rushed in,” noted Greeks.Live.
Bitcoin Options Expiry. Source: Deribit
On the other hand, Bitcoin whales have turned to a profit-booking mode as BTC fails to break out from the $105K resistance. Popular crypto analyst Ali Martínez noted that in the last 72 hours, the BTC whale cohort has sold more than 30,000 BTC in the open market.
#Bitcoin whales have booked profits, selling over 30,000 $BTC in the last 72 hours! pic.twitter.com/TVDplzEJLF
— Ali (@ali_charts) May 16, 2025
Ethereum Options Expiry and Price Action
220,000 ETH options expired earlier today, reflecting a PCR of 1.36, a Max Pain point at $2,300, and a notional value of $570 million. Although the market sentiment remains positive, the options data shows limited participation from mainstream coins and reduced profitability for traders.
Ethereum Options Expiry. Source: Deribit
Strong Ethereum price action recently has led to a positive shift in market sentiment among traders. As of press time, ETH price is trading 3.15% up at $2,634, and a breakout above $2,700 would be crucial to stage the next leg of rally for the altcoin.
On-chain metrics highlight strength for the upside momentum to continue. Data shows that Ethereum exchange reserves have depleted very fast with more than 300,000 ETH leaving Binance over the past month.
$ETH SUPPLY SHOCK INCOMING…
Over 300,000 ETH left Binance in the past month.
You're not bullish enough! pic.twitter.com/w3lURj9OAV
— CryptoGoos (@crypto_goos) May 16, 2025
Popular crypto analyst Michael van De Poppe stated that we could possibly see some volatility ahead. According to van de Poppe, Ethereum has experienced a significant upward move, with volatility spiking dramatically. He suggests that this could lead to a period of consolidation before the next breakout. “Sub $2,400 is a buy opportunity before the next breakout,” he noted.
What to expect from $ETH?
Right now, we've seen the first big upwards move.
Volatility up has been going through the roof, so that should assume that we'll have some consolidation before continuation.
Sub $2,400 is a buy opportunity before the next breakout. pic.twitter.com/qpPQW9k2cO
— Michaël van de Poppe (@CryptoMichNL) May 16, 2025