-
Crypto traders are bracing for huge volatility amid $2 billion in Bitcoin and ETH options expiry.
-
XRP and Solana face massive drop in trading volume ahead of crypto options expiry.
-
US Bureau of Labor Statistics will release April’s Nonfarm Payrolls and unemployment rate today.
-
Investors booking profits after estimates signal US added more jobs last month.
Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) are falling as the U.S. Navy and Iran trade attacks, while President Trump confirms the ceasefire remains in effect. Traders are bracing for volatility as crypto options expiry coincides with the US Nonfarm payrolls and unemployment rate data release today.
Almost $2 Billion in Bitcoin and ETH Options to Expire
Almost 20K Bitcoin options with a notional value of $1.59 billion are set to expire on the largest derivatives crypto exchange Deribit on May 8. The put-call ratio is 0.73, indicating a bullish sentiment despite BTC price dropping more than 4% to $79K this week, especially after US initial jobless claims rose to 200K.
In the last 24 hours, call volume is still higher than put volume. The put-call ratio is 0.66, indicating traders are bullish. Deribit data shows high volume options trading for the September 25 expiry, targeting $130,000 and $110,000 strikes prices.
Moreover, the max pain price is at $79,500, lower than the current market price of $79,676. However, traders expect Bitcoin to reclaim $80,000 in the coming days.
GreeksLive revealed that Bitcoin’s short-term implied volatility (IV) saw a slight increase, but primary short-term IV stays around 35%. “Skew remains relatively stable with a very slight increase, and the market’s directional sentiment remains neutral,” it added.
Deribit claimed that positioning has rotated strongly back to calls in just a week. Moreover, Bitcoin max pain is climbing week on week.
Meanwhile, over 180K ETH options with a notional value of almost $410 million are set to expire today, with a put-call ratio of 0.94. Traders are opening $2300, $2350, and even $2200 put options, expecting further profit booking despite the Senate Banking Committee’s plans for CLARITY Act markup notice today.
The max pain point is at $2,350, above the current market price of $2,281. Moreover, the data shows a 66% probability of expiring above $2,250. Deribit highlighted that the max pain price is rising week by week.
The put volume has increased significantly in the last 24 hours. The put-call ratio is 1.03, indicating a slight bearish sentiment. GreeksLive noted that ETH’s primary short-term IV is near 50%, while both medium- and long-term IVs are also declining.
