According to Greeks.live data, approximately 21k BTC options are expiring this week, with the maximum pain point around $78,500, Put/Call ratio of 0.66; about 129k ETH options, with the maximum pain point around $2,200, Put/Call ratio of 0.92. BTC exhibits Gamma/pin effects near the current price, with low settlement volume and market activity; ETH's current price is below the maximum pain point, and short-term implied volatility (IV) may decline. The skew has slightly decreased, with significant declines in IV for major maturities, and the volatility risk premium (VRP) has slightly increased. Large trades are mainly structured hedges, with market activity lower than expected.

MarsBitNews

2026-05-22 06:05:49

Abstract generation in progress

Breaking News from Mars Finance, according to Greeks.live reports, options expiration data shows that 21k BTC options are expiring, with a Put Call Ratio of 0.66, the maximum pain point at $78,500, and a notional value of $160 million; 129k ETH options are expiring, with a Put Call Ratio of 0.92, the maximum pain point at $2,200, and a notional value of $280 million. Analysis indicates that Bitcoin ended its one-and-a-half-month rebound this week, but market support remains relatively strong. The market is relatively calm, with low attention from traders; less than 5% of BTC options are expiring this week, and ETH options are also only 5% expiring. BTC's delivery volume is modest, with the maximum pain point close to the current price, and the Gamma/pin effect near expiration is stronger; ETH's delivery volume is only half of last week, and the current price is below the maximum pain point. The brief increase in ETH options' market share this month has ended, and short-term IV is likely to decline after expiration. From major options data, Skew continues to decline slightly, implied volatility for major maturities has decreased significantly compared to last week, with a decline exceeding that of RV, and VRP has increased. Bitcoin's implied volatility across major maturities has fallen below 35%, ETH's across major maturities has fallen below 50%, and even lower in the short term. Large trades are mainly structured, with whales continuously building short-term low-cost protective positions, indicating lower volatility expectations. Overall market enthusiasm is below expectations.

BTC0.01%

ETH0.4%

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FeeMarketMonk

· 1h ago

Is the biggest pain point of 78.5k posts so close? Is a Gamma squeeze coming?

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LonelyStoneUnderTheAurora

· 5h ago

The delivery volume is small, and the main players may all be saving bullets for upcoming opportunities.

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YieldSpring

· 5h ago

A strong pin effect means that price fluctuations before settlement will be suppressed.

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TheWaveOfRasterization

· 5h ago

Are the 2200 pain points currently above or below the price?

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SpiralCandlestickCollecting

· 5h ago

280 million ETH options, with a notional value nearly twice that of BTC

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ResilientGoldfish

· 5h ago

Only 5% matures, the market is all waiting for the March blockbuster.

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AirdropCartographer

· 5h ago

Options data shows that both bullish and bearish positions are not aggressive; everyone is just watching.

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VolatilityOfToastingBread

· 5h ago

The one-and-a-half-month rebound has ended, and I still haven't added enough to my position.

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GateUser-739338fe

· 5h ago

PCR 0.66 indicates that there are still more bullish people, but not to an extreme extent.

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StainedGlassSolarArray

· 5h ago

Market makers are the most comfortable in a calm market, while retail investors find it the hardest to endure.

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Data: Bitcoin and Ethereum options with a nominal value of $1.88 billion are expiring and settling

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