Can the Expiration of $2.8B in Bitcoin Options Sustain Market Momentum?

Approximately 25,400 Bitcoin options contracts, valued at $2.8 billion, are set to expire on Friday, May 23, similar to last week's occurrence. The put/call ratio for this batch is 1.2, indicating more short contracts than long ones.

There is over $1 billion in open interest at higher strike prices, suggesting speculators are betting on a new all-time high. Additionally, around 201,000 Ethereum contracts, worth $547 million, will also expire, bringing the total crypto options expiry value to $3.3 billion. Market sentiment remains largely bullish with predictions of ongoing upward momentum, despite caution over a potential 15-20% correction.

Bitcoin hit a new peak of $111,814, while Ethereum is edging towards $2,700, and altcoins like Cardano and Avalanche are performing well.