25,000 Bitcoin Options Expire Today—Will $110K BTC Hold or Fold?
Bitcoin’s make-or-break moment arrives as a tidal wave of 25,000 options hits expiration. The $110K support level now hangs in the balance—traders are either loading up on popcorn or margin calls.
Wall Street’s usual ’risk management’ playbook? Probably being used as kindling right now.
Institutional holdings mull BTC price growth in the coming months
May 23’s expiry involved a notable volume of contracts, but it only accounted for 7.63% of total BTC open interest, meaning the broader derivatives market is largely unaffected.
Most of the open interest is concentrated in later expiries, with June 27 accounting for 30.38% and May 30 holding 26.03%. Institutional traders could be looking at taking more positions and increasing their market participation in June.
“The low exposure to today’s expiry likely capped potential volatility. Instead, traders are building exposure toward more pivotal dates, with open interest and implied volatility rising around June’s contracts,” explained derivatives analyst Peter Yan of AlphaOptions.
The overall put/call ratio for all BTC options, standing at 0.61, places Bitcoin at a longer-term bullish tilt. High-strike call options such as the $200,000 and $300,000 levels for June are among the most crowded, with $420 million and $620 million in notional value, respectively.
More accumulation across wallet sizes
Data from Glassnode shows Bitcoin’s Accumulation Trend Score hit 1.0, which means the market is under sustained buying pressure from both ends, whales and small crypto holders.
Glassnode analysts observed that wallets holding over 10,000 BTC started the accumulation wave earlier in May when BTC started exhibiting signs of a positive price correction north of $95,000.
“It’s similar to the behavior we saw back in January, right before Bitcoin’s last parabolic leg,” Glassnode noted in a research post. “What’s different this time is that accumulation is occurring at all-time highs, not during a dip. That’s historically very rare.”
If bitcoin sustains its footing above $110,000 and breaks through the $112,000 resistance, the path toward new highs remains wide open. That said, strong spot buying, coupled with aggressive accumulation, favors the bulls.
Ethereum lags behind as options skew bearish
Meanwhile, ethereum (ETH) has struggled to keep up with Bitcoin’s momentum. 202,000 ETH options are also expiring today, representing over $543 million in notional value.
Per data from analytics platform Deribit, the market is moving cautiously towards buying ETH, with a higher put/call ratio of 1.26 and a max pain point at $2,450, well below its current spot price of $2,669.
Up 2.6% in the last week, Ether is testing the upper boundary of a rising wedge pattern near $2,680. The pattern is deemed as a bearish reversal signal when it appears after an extended uptrend, but long-term holders are hoping for a trend reversal that could push the price back up to $3,000.
KEY Difference Wire: the secret tool crypto projects use to get guaranteed media coverage
