Cryptocurrency Options Expiry and Market Trends

• Around 69,000 Bitcoin options and approximately 920,000 Ethereum options have expired on May 31.
• The current market shows Bitcoin (BTC) at $68,000 and Ethereum (ETH) trading above $3,700.

The latest data from Greeks.live indicates the expiration of 69,000 Bitcoin options and 920,000 Ethereum options on May 31. The BTC options expired with a Put Call Ratio of 0.37, a Maxpain point of $66,000, and a notional value reaching $4.7 billion. On the other hand, the ETH options expired with a Put Call ratio of 0.46, a Maxpain point of $3,300, and a notional value of $3.5 billion.

This week, the crypto market remained relatively stable, with May marking one of the best performing months in recent years. ETH registered a substantial 20% one-day gain, suggesting a continued bullish market sentiment.

The reports highlight the increasing divergence between BTC and ETH, with BTC's Implied Volatility (IV) dropping to match market levels, indicating a cooling market. Conversely, ETH's IV remains elevated, prompting strategies to capitalize on the IV variance by selling ETH to buy BTC.

BTC and ETH Trading Status

BTC is currently priced close to $68,000, up nearly 1% in the last 24 hours. The market sentiment around BTC has been positive with expectations of surpassing previous all-time highs.

ETH trades above $3,700, with a positive outlook tied to the SEC's stance on Ethereum ETFs. Today marks the deadline for ETH ETF issuers to update their S-1 forms.

Market Predictions and Insights

BTC's recent consolidation below $69,000 has sparked optimism with predictions of reaching new all-time highs. Analysts anticipate a surge in BTC's value, attributing the current stable price action as healthy for sustained growth.

Ki Young Ju, the CEO of CryptoQuant, draws parallels between the current Bitcoin market conditions and those observed in mid-2020, indicating a potential growth trajectory.

The US awaits significant macroeconomic data that could influence BTC's price movement. Despite low volatility, BTC's on-chain activity and accumulation trend remain strong.

In summary, the cryptocurrency market reflects a nuanced landscape with evolving options data, price trends, and regulatory dynamics shaping the future trajectories of BTC and ETH.