【May 23 Options Expiration Data】

25,000 BTC options expired, Put Call Ratio was 1.22, maximum pain point at $104,000, notional value of $2.81 billion.

202,000 ETH options expired, Put Call Ratio was 1.26, maximum pain point at $2,450, notional value of $570 million.

This week's Bitcoin and Ethereum expiration data is almost identical to last week's, a trend that has persisted for three weeks. Despite Bitcoin reaching an all-time high this week, there has been little reaction from the options market.

In yesterday's Space, it was mentioned that the options data intuitively reflects that there are not many people in mainstream coins during this bull market, and not many have made money from mainstream coins. This week, Bitcoin's short to medium-term RV rebounded to over 45%, but IV remains at 45%, and the VRP across all maturities continues to decline.

The delivery volume accounts for less than 8% of total open interest, and this ratio is continually decreasing, proving that crypto institutions have not reacted much to the new highs of Bitcoin, and expectations for the future are relatively flat.