Today, the crypto market is on high alert as around $8.12 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts are set to expire on May 31, potentially leading to significant market fluctuations.

Bitcoin and Ethereum Options Overview

Data from Deribit shows that 261,390 BTC options contracts, valued at $4.65 billion, are expiring today. These contracts have a put-to-call ratio of 0.6, indicating bullish sentiment with more bets on price increases (calls) than decreases (puts). The maximum pain point for Bitcoin options is $65,000, representing the price level at which the most option holders could incur losses.

Additionally, 2,750,922 Ethereum options contracts, worth about $3.47 billion, are also expiring today. These contracts have a put-to-call ratio of 0.85, indicating a relatively balanced outlook with a slight preference for calls. The maximum pain point for Ethereum options is $3,300.

Comparative Analysis and Market Impact

Today's options expiry surpasses last week's events, where a combined total of 375,000 BTC and ETH options contracts expired, valued at nearly $3 billion, which contributed to the market decline earlier in the week.

The global crypto market cap is currently $2.52 trillion, showing a 0.39% 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 values. Bitcoin’s dominance stands at 53.00%, up by 0.03% over the day.

While the impact of today's expiring options on the market remains uncertain, traders should prepare for potential movements. Both Bitcoin and Ethereum are currently trading above their respective maximum pain points, but approaching these levels could lead to increased buying or selling pressures.

Outstanding Crypto Options Positions

Deribit's data reveals insights into outstanding BTC positions yet to expire. Long positions have strike prices ranging from $70,000 to $100,000, with a total value of $886 million. Conversely, short positions with a strike price of $60,000 have the highest open interest at $519 million, indicating a bullish sentiment among derivatives traders, anticipating further price increases. The total notional value of all outstanding BTC options contracts is approximately $19 billion, underscoring the significant interest and activity in the crypto derivatives market.