Bitcoin options expiry saw traders cut risk, with Greeks.live data pointing to weak activity, lower implied volatility, and defensive positioning.
Greeks.live said 21,000 Bitcoin options expired on May 22, carrying a put-call ratio of 0.66, a max pain level of $78,500, and $1.6 billion in notional value. The data also showed 129,000 Ethereum options expired, with a 0.92 put-call ratio, a $2,200 max pain level, and $280 million in notional value.
The expiry came after Bitcoin’s one-and-a-half-month rally lost momentum. Bitcoin ($BTC) traded near $77,500 on May 22, while Ethereum ($ETH) held close to $2,130, according to crypto.news data. That placed Bitcoin near the $BTC max pain level and Ethereum below its $ETH level.
Traders show less appetite for risk
Greeks.live said market activity stayed muted this week. Less than 5% of Bitcoin options expired, while Ethereum’s weekly settlement also made up only about 5% of open positions. The smaller share points to a lighter expiry compared with larger monthly settlement events.
May 22 Options Data
21,000 $BTC options expired, with a put-call ratio of 0.66, a maximum strike price of $78,500, and a notional value of $1.6 billion.
129,000 $ETH options expired, with a put-call ratio of 0.92, a maximum strike price of $2,200, and a notional value of $280… pic.twitter.com/KrjDMoBad9— Greeks.live (@GreeksLive) May 22, 2026
The firm said the $BTC settlement volume was modest, and the max pain level sat close to spot price. That made the gamma and pin effect more visible near expiry, as traders watched whether Bitcoin would stay near the $78,500 area before settlement.
Meanwhile, Ethereum’s options flow also weakened. Greeks.live said $ETH settlement volume was about half of last week’s level, while spot price stayed below the $2,200 max pain level. That kept traders focused on whether $ETH could regain the settlement zone after a slow week.
The firm added that the short rise in Ethereum options share this month had ended. It said “IV is likely to decline in the short term after settlement.” The statement points to a cautious view, not a confirmed market move.
Lower volatility shapes next setup
Greeks.live said skew continued to fall slightly, while implied volatility dropped across major maturities. Bitcoin’s implied volatility fell below 35% across key terms, while Ethereum’s dropped below 50%, with short-term levels expected to move lower.
That fits the broader options market picture. Related reports noted that Deribit’s Bitcoin options open interest reached $31.3 billion on May 21, while a larger May 29 expiry carries $6.25 billion in contracts and a $75,000 max pain level.
Earlier market coverage also showed the same cooling pattern. Around 25,000 Bitcoin options worth more than $2 billion expired on May 15, with traders watching near-term downside risk despite a lower put-call ratio.
For now, structured trades are leading volume, while whales continue to build low-cost protection. Greeks.live said volatility expectations remain low and market enthusiasm is weaker than expected. That keeps the focus on whether Bitcoin can defend current support or drift toward lower option strikes.
