Today, the cryptocurrency market is closely monitoring the expiration of about $8.12 billion worth of Bitcoin (BTC) and Ethereum (ETH) options contracts on May 31. This significant event has the potential to cause notable market fluctuations as traders and investors react to these expirations.

For Bitcoin, there are 261,390 options contracts set to expire, valued at $4.65 billion, with a put-to-call ratio of 0.6, suggesting a prevailing bullish sentiment. The maximum pain point for Bitcoin options is $65,000.

Similarly, Ethereum has 2,750,922 options contracts expiring, totaling around $3.47 billion, with a put-to-call ratio of 0.85 and a maximum pain point of $3,300.

Compared to the previous week's expiration of 375,000 contracts valued at nearly $3 billion, today's expiry is significantly larger. This week has seen a decline in the crypto market, with the global market cap at $2.52 trillion, showing a slight increase over the last day.

The total crypto market volume in the past 24 hours reached $73.81 billion, marking a 10.54% decrease from previous levels, with Bitcoin's dominance at 53.00%, up by 0.03% over the day.

The impact of today's options expiry on the market remains uncertain, but traders should prepare for potential movements. While both Bitcoin and Ethereum are currently trading above their respective maximum pain points, approaching these levels may trigger increased buying or selling pressures, affecting market sentiment.

Deribit's data also reveals significant interest in outstanding BTC options positions, with long positions ranging from $70,000 to $100,000 and short positions at $60,000, indicating bullish sentiment among derivatives traders anticipating further price increases. The total notional value of outstanding BTC options contracts is approximately $19 billion, underscoring the considerable interest and activity in the crypto derivatives market.