Massive BTC and ETH options expire today! BTC sits below the max pain point of $75,000

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On May 29, 84,000 BTC options and 639,000 ETH options expired, with BTC max pain at $75,000 and ETH max pain at $2,200. Both assets' prices are currently below their max pain levels, with PCRs of 0.88 and 0.81 respectively, and IVs across major tenors all below 35%. The options market leans neutral with a slight defensive bias, with risk reduction being the dominant force this week. (Background: Nearly $10 billion in BTC and ETH options expire tomorrow! Analyst: Strong dip-buying signals, but the bottom hasn't arrived yet) (Context: Bitcoin pulled back to bottom at $76,900 before rebounding, ETH held $2,285, with $204 million in liquidations weighing down ahead of FOMC) On May 29, options data platform Greeks.live showed that 84,000 BTC options expired today, with a Put Call Ratio (PCR) of 0.88, max pain at $75,000, and notional value of approximately $6.2 billion. Meanwhile, 639,000 ETH options also expired on the same day, with a PCR of 0.81, max pain at $2,200, and notional value of approximately $1.28 billion. Greeks.live analyst Adam noted that BTC quickly retreated below $75,000 this week, and both BTC and ETH faced large expirations, but due to the rapid decline, the market did not receive "max pain" support. BTC's current price is around $73,000, and ETH is around $2,000, both below their respective max pain levels. "The poor market conditions have further dampened the already low market attention," Adam stated. Only 20% of options expire this month, and after expiration, June options concentration rises significantly, reaching 40% of open interest — this means June's price action will be more heavily influenced by options market makers' Gamma. From the data, BTC and ETH PCRs of 0.88 and 0.81 fall within a neutral-leaning-defensive range, not extremely bearish. The market had not previously placed large bets on a one-sided crash, and Skew volatility was minimal, with most activity being profit-taking from prior accumulation. The implied volatility (IV) of major tenor options rebounded slightly but remains uniformly below 35%, nearly at "rock bottom" levels. Without new incremental catalysts, short-term IV will likely decline further after settlement. The market's next focus is whether capital can flow back in, and whether BTC can reclaim $75,000 and ETH can recover $2,100. This settlement looks more like a "bearish realization" — large expirations have landed, but with both BTC and ETH trading below max pain, the dominant force this week was not chasing rallies but rather risk contraction and bullish retreat.

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