The crypto market is bracing for increased turbulence as over $9.79 billion worth of Bitcoin and Ethereum options expired today, triggering a realignment of positions across major exchanges.
According to data from Deribit and Glassnode, nearly $5.5B in BTC options and $4.2B in ETH options expired on May 30. This event marks one of the largest monthly expiries of 2025, with potential implications for short-term price action, especially given how close open interest clustered around the current price zones.
📉 Max Pain Levels: A Key Indicator
The “max pain” price — the level where option holders experience the maximum financial loss — was estimated at:
- $108,000 for Bitcoin
- $3,050 for Ethereum
With Bitcoin trading near $109,000 and Ethereum at $3,120 at the time of writing, prices are hovering just above these levels, suggesting possible efforts by large players to pin prices or influence expiry outcomes.
⚖️ Why Options Expiry Matters
Options expiries often act as short-term catalysts due to the sudden reduction in open interest and the need for traders to rebalance their spot and derivatives positions.
Historically, such expiries have:
- Triggered temporary price corrections or rallies,
- Led to higher volatility in the 24–48 hours post-expiry,
- Been followed by clearer trend direction for Bitcoin and Ethereum in the following week.
🔍 Market Sentiment Mixed
While some traders see the expiry as a reset opportunity, others are watching for liquidity traps and false breakouts. With the Fed signaling caution and risk appetite cooling slightly, this could lead to more sideways action before the next decisive move.
⏳ What’s Next?
Watch closely for:
- Funding rate shifts on major exchanges like Binance and OKX,
- Volatility index (DVOL) movements post-expiry,
- Institutional flows as June begins, particularly with ETF inflows and stablecoin minting trends.
💬 Conclusion:
While options expiry days often bring noise, they can also offer smart traders a moment of clarity — especially when combined with macro sentiment and on-chain flows. Whether this marks the beginning of a new leg up or just a pause in the current trend, the next 72 hours will be telling.
Disclaimer:
This article is for informational purposes only and does not constitute investment advice. Always do your own research before making financial decisions.
