BTC and ETH Options Expire May 16 With Max Pain Zones at $100K and $2,200

Significant Bitcoin (BTC) and Ethereum (ETH) options expiries are approaching, setting the stage for notable market volatility in the crypto market this weekend. Data from the Deribit Options and Futures cryptocurrency exchange indicates substantial order volumes are due to expire by Friday morning, May 16.

🚨 Options Expiry Alert 🚨

Tomorrow 08:00 UTC: Over $3.1B in BTC & ETH options expire on Deribit.$BTC: $2.66B notional | Put/Call: 0.99 | Max Pain: $100K
$ETH: $525M notional | Put/Call: 1.24 | Max Pain: $2,200

BTC skew is neutral, ETH puts slightly outweigh calls. Price… pic.twitter.com/jBj4C4tMvX

— Deribit (@DeribitOfficial) May 15, 2025

Billions in BTC and ETH Options Set to Expire

Deribit’s data reveals Bitcoin’s pending Put/Call orders to be $2.66 billion, while Ethereum has a $525 million that could expire in less than 24 hours from the time of writing (Thursday, May 15).

The information further details Bitcoin’s max pain point at $100,000 and Ethereum’s at $2,200. These levels reflect the price at which most options would expire worthless.

Market Sentiment Mixed Ahead of Expiry Event

For context, Bitcoin’s sentiment in the entire scenario remains neutral, with a Put/Call ratio of 0.99, while Ethereum reflects a more bearish potential, having a Put/Call ratio of 1.24.

This data has put investors on alert, considering the crypto market’s potential to respond in alignment with the prevailing sentiments triggered by the expiring orders.

Meanwhile, it is crucial to note that expiring orders and their surrounding factors do not always determine crypto trend outcomes. For instance, the market could absorb the shock and neutralize the expected volatility, considering external factors and their potentially significant roles.

Bitcoin and Ethereum Consolidate with Bullish Outlook

In the meantime, Bitcoin entered into short-term consolidation after reaching a $105,706 local high on Monday. The pioneer cryptocurrency traded for $102,070 at the time of writing, according to data from TradingView.

Despite the pullback, Bitcoin maintains a bullish momentum, with users expecting the digital asset to remain above the $100,000 support and pursue higher price targets.

Ethereum’s consolidation started after Tuesday’s rally to $2,739. The flagship altcoin pulled back to trade for $2,550 at the time of writing.

ETH also maintains a bullish outlook, supported by massive technical and fundamental factors. It currently sits above crucial support at $2,540, and users expect that level to hold, preparing the foundation for the altcoin’s surge to higher price targets.

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