Bitcoin and Ethereum faced a major monthly options expiry on May 29 as both cryptocurrencies continued trading below important price levels.
According to Greeks.live, around 84,000 Bitcoin options expired with a total notional value of $6.2 billion. At the same time, about 639,000 Ethereum options expired with a notional value of $1.28 billion.
The expiry came during a weak period for the crypto market. Bitcoin dropped below the key $75,000 level earlier in the week, while Ethereum remained near the $2,000 zone after losing important support levels.
Greeks.live said Bitcoin’s put-call ratio stood at 0.88, while the max pain level was set at $75,000. The market stayed below that level during the expiry process, showing that buyers failed to push Bitcoin back toward a stronger settlement price.
Earlier reports also showed Bitcoin briefly falling toward $73,000, with ETF outflows adding pressure to the market.
Ethereum also struggled during the expiry period. Greeks.live reported that ETH had a put-call ratio of 0.81 and a max pain level of $2,200.
However, Ethereum traded below that level before settlement, leaving many bullish positions under pressure as prices weakened further. Traders are now closely watching whether ETH can recover above the $2,100 level.
Greeks.live said the market was not showing extreme bearish positioning because put-call ratios for both Bitcoin and Ethereum remained below 1. Still, recent price action suggested that traders were reducing risk and pulling back from bullish positions.
The firm described the latest expiry as a “bearish unwinding,” where large positions expired while buyers failed to regain important resistance levels.
Greeks.live also said short-term implied volatility may decline after the expiry, although that could quickly change if prices make sharp moves.
Attention is now shifting toward June contracts. According to the firm, only 20% of total options expired this month, while June contracts now represent around 40% of open interest.
Analysts say Bitcoin may need to move back above $75,000 to improve short-term market sentiment, while Ethereum likely needs to reclaim the $2,100 level to reduce selling pressure.
For now, traders remain cautious as the market continues searching for stronger buying momentum after the large options expiry.
