Bitcoin (BTC) and Ethereum (ETH) prices dipped on May 15, 2025, with BTC trading at $102,300 (-1.53%) and ETH at $2,552 (-2.53%) in the last 24 hours. This retreat comes ahead of a massive $3.1 billion options expiry set for May 16, stirring market caution. According to Deribit, Bitcoin options account for $2.66 billion, with a Put/Call ratio of 0.99 and a max pain point at $100,000. Ethereum’s $525 million in options shows a bearish tilt, with a Put/Call ratio of 1.24 and a max pain point at $2,200, signaling heightened hedging activity.
The market is bracing for volatility as traders monitor potential catalysts, especially with Ethereum’s bearish sentiment echoing patterns from the 2022 Merge. Bitcoin’s balanced sentiment leaves room for a breakout or deeper pullback, depending on macro factors like US-China trade talks. Investors are advised to stay vigilant as the expiry could trigger sharp price swings.
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