Deribit Exchange Reports $3B Crypto Options Expiry as Traders Bet on June BTC Rally
Nearly $3 billion in crypto options expired on May 16, with Bitcoin dominating $2.6 billion of the notional value and ethereum accounting for $252 million. Deribit data revealed BTC’s max pain point at $100,000—a level where most options expire worthless—while ETH hovered near $2,200. Despite the expiry, traders positioned bullishly for June, anticipating BTC rallies toward $110,000-$125,000 with a $95,000 floor.
Market dynamics remain fluid. BTC’s options skew appears neutral, while ETH shows slight put bias. ’Price action could get interesting,’ Deribit noted, reflecting the delicate balance between bearish hedges and bullish conviction. The Put/Call ratio, a key sentiment gauge, will dictate whether this expiry triggers volatility or reinforces upward momentum.
