Approximately $2.7 billion in Bitcoin and Ether options are set to expire on May 24, providing valuable insights into the crypto market sentiment. The upcoming expiry event includes 21,000 Bitcoin options with a put/call ratio of 0.88, indicating a near-even balance between buyers and sellers, with a slight tilt toward call options. The maximum pain point, which is the price at which most option buyers would suffer losses, is $67,000, representing a nominal value of $1.4 billion.

While the upcoming expiry event is notable, it pales in comparison to the significantly larger event on May 31, when a staggering $4.3 billion worth of options are set to expire, according to Deribit. The data reveals that long positions are predominantly in control when it comes to open interest (OI), with a substantial $830 million tied to the $70,000 strike price. Moreover, higher strike prices also boast significant OI, notably $843 million at the $100,000 mark, indicating a bullish inclination among traders.

The options expiry event is not limited to Bitcoin, with a significant 350,000 Ether contracts also expiring, representing a notional value of $1.3 billion. The put/call ratio of 0.58 and a max pain point of $3,200 suggest a slightly bullish tone, with more call options expiring than put options. This indicates that traders are optimistic about Ether's price action, with a higher likelihood of price increases.

The expiry event provides valuable insights into market sentiment, with bulls confident of much higher Bitcoin prices, as OI represents the unresolved value of contracts waiting to be settled. The divergence between Bitcoin and Ethereum is also evident, with Ethereum's bullish sentiment remaining strong, while Bitcoin appears more balanced between long and short positions. This suggests that traders are more optimistic about Ethereum's price action, with a higher likelihood of price increases.

The larger expiry event on May 31 is likely to have a more significant impact on the market, with a substantial $4.3 billion worth of options expiring. This event has the potential to spark significant price action, as traders adjust their positions and settle their contracts. Market participants are eagerly watching the price action to see how this will play out, with some expecting a surge in volatility and price movements.

In the context of the broader market, the options expiry event is a significant market event that can impact the price action of both Bitcoin and Ethereum. With the larger expiry event on May 31 looming, market participants are eagerly watching the price action to see how this will play out. Will the bulls or bears gain the upper hand, or will the market remain balanced? Only time will tell.

The options expiry event also highlights the growing importance of options trading in the cryptocurrency market. Options provide traders with a way to manage risk and speculate on price movements, and their increasing popularity is a sign of the market's maturation. As the market continues to evolve, options trading is likely to play an increasingly important role in shaping price action and market sentiment.

The options expiry event is a significant market event that can impact the price action of both Bitcoin and Ethereum. With the larger expiry event on May 31 looming, market participants are eagerly watching the price action to see how this will play out. Will the bulls or bears gain the upper hand, or will the market remain balanced? Only time will tell. The options expiry event also highlights the growing importance of options trading in the cryptocurrency market, and its increasing popularity is a sign of the market's maturation.