$7.5B Bitcoin, Ethereum options expiry tests weak crypto bulls

Bitcoin and Ethereum faced a large monthly options expiry on May 29 as prices stayed below key levels.

• Bitcoin options worth $6.2 billion expired as BTC traded below the key $75,000 max pain level.
• Ethereum options worth $1.28 billion expired while ETH struggled near $2,000 after recent market weakness.
• Greeks.live said the expiry looked like bearish unwinding, with longs retreating from key resistance zones.

Greeks.live said 84,000 Bitcoin options expired, with a notional value of $6.2 billion. It also said 639,000 Ethereum options expired, with a notional value of $1.28 billion.

The expiry came after Bitcoin fell below $75,000 during the week. Ethereum also traded near the $2,000 zone after losing support.

Bitcoin falls below max pain

Bitcoins put-call ratio stood at 0.88, according to Greeks.live. The max pain level was $75,000.

That level sat above the market price during the expiry window. This showed that bulls failed to pull Bitcoin back toward a key settlement level.

May 29 Options Expiration Data

84,000 BTC options expired, with a put-call ratio of 0.88, a maxpain point of $75,000, and a notional value of $6.2 billion.

639,000 ETH options expired, with a put-call ratio of 0.81, a maxpain point of $2,200, and a notional value of $1.28… pic.twitter.com/NNnFMy3tgx

— Greeks.live (@GreeksLive) May 29, 2026

Crypto.news had reported that Bitcoin fell toward $73,000 before the expiry. The report also cited ETF outflows as one reason behind market pressure.

The same market setup kept traders focused on the $75,000 level. A move back above it could ease pressure, but Bitcoin failed to reclaim it before expiry.

Ethereum stays under pressure

Ethereums options data also showed a large expiry. Greeks.live said ETH had a put-call ratio of 0.81 and a max pain level of $2,200.

Ethereum traded below that level before settlement. This left many bullish positions under pressure as the market moved lower.

The price action also kept attention on the $2,100 level. Greeks.live said traders now watch whether ETH can retake that zone.

Related crypto.news coverage showed Ethereum trading near $2,000 after recent weakness. The move placed ETH near a key psychological level.

Options data shows fragile sentiment

Greeks.live said the market did not show extreme bearish positioning. Bitcoin and Ethereum put-call ratios stayed below 1.

That means puts did not heavily outnumber calls. Still, the latest price action showed that traders had reduced risk.

The firm described the expiry as a form of bearish unwinding. Large positions expired, while long traders failed to reclaim key price levels.

Greeks.live said, “short-term IV is likely to retreat after expiration.” This remains a market forecast and may change if prices move sharply.

June contracts take market focus

Greeks.live said only 20% of options expired this month. After settlement, June options rose to about 40% of open interest.

That shift means the next round of positioning may now guide market direction. Traders will watch whether capital returns after the expiry.

BTCs price has begun to break below the Gex concentration zone, and the resistance from open interest will continue to weaken. Meanwhile, since Gex is concentrated around $2,000, ETH has also broken below the Gex resistance level.

Although BTC has fallen to a very dangerous… pic.twitter.com/INeioAIqMP

— Greeks.live (@GreeksLive) May 28, 2026

Bitcoin must reclaim $75,000 to improve short-term sentiment. Ethereum also needs to move back above $2,100 to ease pressure.

For now, the market remains cautious. The expiry removed large positions, but it did not restore strong buying demand.