More than 21,000 Bitcoin options and 129,000 Ethereum options expired on May 22, according to Greeks.live. The Bitcoin contracts were worth about $1.6 billion, while the Ethereum contracts had a value of around $280 million.
The expiry comes as Bitcoin’s rally paused after about six weeks of gains. Despite the slowdown, market support remains firm, and traders are not showing strong signs of selling.
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
Bitcoin traders remain calm after options expiry
Bitcoin options expired with a put-call ratio of 0.66 and a maximum pain price of $78,500.
Greeks.live noted that less than 5% of Bitcoin options expired this week, showing that most positions remain open. The maximum pain level was also close to Bitcoin’s market price, which helped limit large price swings around settlement. Trading activity remained relatively quiet, suggesting that investors are waiting for a clearer market direction before making major moves.
Ethereum options activity cools down
Ethereum options expired with a put-call ratio of 0.92 and a maximum pain price of $2,200. Settlement volume was about half of last week’s level. Greeks.live said the recent increase in Ethereum options activity has now slowed, pointing to weaker short-term demand from traders.
Ethereum’s spot price also remained below its maximum pain level during settlement, highlighting the softer market activity. Ethereum’s price over the past year shows a shift many in crypto don’t want to accept. ETH is no longer driven mainly by basics like network usage or activity on the chain
Is lower volatility becoming the main market theme?
One of the biggest trends in the options market is falling volatility. Greeks.live reported that implied volatility has dropped sharply for both Bitcoin and Ethereum. Bitcoin volatility has fallen below 35%, while Ethereum volatility has dropped below 50%.
The report also noted that large traders continue to build low-cost protective positions instead of placing aggressive bets on price direction. Overall, the latest options data suggests traders expect fewer large price moves in the near term. Market interest remains subdued, and investors appear to be taking a cautious approach as both Bitcoin and Ethereum move through a quieter trading period.
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