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Roughly 21,000 BTC options expired on May 22 with a put-call ratio of 0.66, a maximum strike price of $78,500, and a combined notional value of $1.6 billion. A 0.66 ratio means calls outnumber puts by roughly 1.5 to 1 — a moderately bullish positioning read, though the wide strike spread suggests the long side is concentrated in upside calls rather than near-the-money.
Why it matters
Put-call ratios at expiry are a positioning snapshot, not a forecast. A 0.66 on BTC shows the market paid up for upside exposure more than downside protection, but the $78,500 max strike sits well above current spot — those calls are leveraged bets, not hedges. Watch the post-expiry flow for whether OI rebuilds at the same strikes or rolls into shorter-dated calls.
Market impact
ETH options saw 129,000 contracts expire with a put-call ratio of 0.92, a $2,200 max strike, and $280M notional. The 0.92 ratio is far closer to neutral than BTC's — ETH traders ran a near-balanced book with a slight bearish tilt in puts. The $2,200 max strike also sits above spot, consistent with call writers collecting premium on upside asks.
Frequently asked questions
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What does a 0.66 put-call ratio on BTC options mean?
A 0.66 put-call ratio means calls outnumbered puts by roughly 1.5 to 1 at expiry, indicating moderately bullish positioning. The $78,500 max strike sitting above spot shows the long side was concentrated in leveraged upside calls rather than near-the-money hedges.
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Why was ETH's put-call ratio higher than BTC's at this expiry?
ETH options expired at a 0.92 put-call ratio, meaning puts and calls were nearly balanced with a slight bearish tilt. BTC's 0.66 was more decisively skewed toward calls, suggesting ETH traders ran a more hedged book this cycle.
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What is the $1.6B BTC notional value at expiry?
Notional value represents the total face value of the 21,000 expired BTC options contracts. At $1.6 billion, it gives a sense of the dollar exposure cleared at the May 22 expiry, separate from the premiums actually paid.
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What does the max strike price tell us about positioning?
The max strike is the highest strike price with open interest at expiry. BTC's $78,500 and ETH's $2,200 both sit above current spot, indicating call writers were collecting premium on upside asks and buyers were betting on further price appreciation.
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What should traders watch after an options expiry?
The key signal is whether open interest rebuilds at the same strike levels for the next cycle, or rolls into shorter-dated calls. Structural bullish positioning shows sustained OI at higher strikes; a one-off expiry event sees OI reset lower.
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