May 16th Options Expiry Data

27,000 BTC options expired, Put Call Ratio at 1.03, maximum pain point at $100,000, notional value at $2.76 billion.

220,000 ETH options expired, Put Call Ratio at 1.36, maximum pain point at $2,300, notional value at $570 million.

This week’s Bitcoin expiry data is almost identical to last week, while Ethereum’s data, excluding price factors, is also nearly the same.

Current market sentiment is very good, but the options data intuitively shows that there aren't many people holding mainstream coins, and those who have made money from mainstream coins are few. Currently, the short-term RV for Bitcoin has dropped below 35%, and the medium to long-term is around 50%, but the decline in IV is more pronounced, with almost all dropping below 45%, leading to a retreat in the VRP across various maturities.

The delivery volume accounts for less than 9% of the total open interest, and the proportion of put options remains relatively high this month. This phenomenon may not see a significant change until June. The market is relatively optimistic about the upcoming trends, but there are not many people taking long positions on BTC in the short term.