BTC options with a nominal value of 1.2 billion USD and ETH options worth 930 million USD are about to expire

Data from Greeks.live shows that on May 17, options delivery data: 18,000 BTC options are about to expire, with a Put Call Ratio of 0.63, the biggest pain point is $63,000 and the nominal value is $1.2 billion. Also, 320k ETH options are about to expire with a Put Call Ratio of 0.28; the biggest pain point is $3k and the nominal value is $930 million.

Greeks.live states that this week was influenced by US stock Meme trend which led to significant capital inflows into BTC ETFs causing BTC's price to surge past $65k. However, outside of Memes crypto market remained weak as trading volume continued to decline reflecting in diverging option data for BTC and ETH.

Looking at block trades and market trade structures all major term IV ended its downward trend entering sideways movement with not much room left for further declines. The balance between longs and shorts in BTC remains relatively even while weakness in ETH prices has led to continuous weakening of market confidence resulting in selling calls becoming absolutely dominant.