![Bitcoin options expiry indicates bullish sentiment, Ethereum shows mixed outlook](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/05/open-interest.jpg&w=70&h=37&q=75)
Quick Take
As the end of the month approaches, significant options expiries for both Bitcoin and Ethereum are set for May 31. Bitcoin trades around $68,500 with a put/call ratio of 0.58, indicating a bullish sentiment among traders. The total open interest is roughly 68,000 BTC, translating to a substantial notional value of $4.7 billion. The max pain price is $65,000, suggesting that this level could act as a gravitational pull for Bitcoin’s price as expiration nears due to hedging activities.
![Bitcoin: Open Interest by Strike Price: (Source: Deribit)](https://cryptoslate.com/wp-content/uploads/2024/05/OI-3.png)
Ethereum, in contrast, is trading below $4,000 with a put/call ratio of 0.85, reflecting a more balanced sentiment between bullish and bearish positions. The notional value is lower compared to Bitcoin at $3.5 billion, but the total open interest for Ethereum options is at 897,238 ETH. The max pain price for Ethereum is set at $3,300, potentially influencing price movements as the expiration date approaches.
![Ethereum: Open Interest by Strike Price: (Source: Deribit)](https://cryptoslate.com/wp-content/uploads/2024/05/ETH-8.png)
While Ethereum’s open interest is significant around the $2,200 and $2,600 strike prices, there is also notable activity at higher strike prices. Many Ethereum call options are positioned at these elevated levels, reflecting mixed sentiment.
In contrast, Bitcoin demonstrates a more pronounced bullish sentiment, evidenced by its lower put/call ratio and concentrated open interest at higher strike prices. This suggests traders are more optimistic about Bitcoin’s price prospects compared to Ethereum.