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Bitcoin and Ethereum face pressure as $2.6 billion in options expire
More than $2.6 billion worth of options on Bitcoin, Ethereum, XRP, and Solana are set to expire today, triggering significant liquidations and erasing much of the recent gains across the cryptocurrency market.
Highlights
- $2.6 billion in options on BTC, ETH, XRP, and SOL expire today.
- Bitcoin options: ~$2 billion; Ethereum options: ~$622 million.
- Expiry comes amid macro concerns and despite recent regulatory progress.
Options expiry adds volatility
According to data from Deribit, nearly 25,000 Bitcoin options worth over $2 billion are expiring today.
Ethereum options totaling approximately $622 million (around 274,000 contracts) are also expiring, along with contracts on XRP and Solana. The market reacted with immediate pressure.
Bitcoin is currently trading near $80,430, while Ethereum stands at approximately $2,254. Although the put/call ratio for Bitcoin remains bullish at 0.57, traders have shown increased caution in recent hours, with growing volume in put options.
Mixed sentiment and external factors
The expiry coincides with other headwinds, including fresh U.S. macroeconomic data, rising Treasury yields, and ongoing geopolitical tensions. While the Senate Banking Committee’s approval of the CLARITY Act had briefly lifted sentiment, the positive regulatory news proved insufficient to offset the technical pressure from the large options expiry.
Implied volatility is declining, but delta asymmetry is rising—a signal that traders are positioning for a potential further downside in the near term. For Ethereum, the put/call ratio has shifted to a more bearish 1.29 in the last 24 hours, with heavy put buying at the $2,100 strike for the May 29 expiry.
Options expiry overshadows regulatory optimism
Large options expiries are among the most volatile periods in the crypto derivatives market. Even solid fundamental developments, such as the advancement of the CLARITY Act, can be overshadowed by technical flows and position unwinding.
Traders are closely watching key support levels, particularly $80,000 for Bitcoin. The next major expiry on May 29 could set the tone for the rest of the month. For now, the market is demonstrating once again how powerfully derivative events can dictate short-term price action, regardless of broader positive news.
It was earlier reported that Bitcoin topped $81,000 as the Senate panel approved the CLARITY Act.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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