Bitcoin options expiring on May 31 indicate a prevailing bullish sentiment among traders, with a substantial notional value of $4.7 billion and a put/call ratio of 0.58. This sentiment is reinforced by Bitcoin's current trading price of approximately $68,500 and a total open interest of around 68,000 BTC. The max pain price, calculated at $65,000, implies that this level could serve as a gravitational pull for Bitcoin's price as the expiration date approaches, owing to hedging activities.

In contrast, Ethereum's options expiring on the same date paint a more mixed picture, with the cryptocurrency trading below $4,000 and a put/call ratio of 0.85 indicating a relatively balanced sentiment between bullish and bearish positions. While Ethereum's notional value stands at $3.5 billion and its total open interest reaches 897,238 ETH, the max pain price is set at $3,300, potentially influencing price dynamics as the expiration date nears.

Interestingly, Ethereum's open interest is notable across various strike prices, including $2,200 and $2,600, indicating diverse activity among traders. However, there is also significant activity at higher strike prices, suggesting a nuanced sentiment towards Ethereum's future price movements.

On the other hand, Bitcoin exhibits a more pronounced bullish sentiment, characterized by a lower put/call ratio and concentrated open interest at higher strike prices. This indicates that traders are more optimistic about Bitcoin's price trajectory compared to Ethereum, emphasizing the divergent outlooks between the two leading cryptocurrencies in the options market.