Analysis of options expiry data from May 16th by BlockBeats’ analyst Adam reveals insights into market sentiment surrounding Bitcoin and Ethereum. According to the data, a total of 27,000 Bitcoin options expired with a Put Call Ratio of 1.03, a maximum pain point of $100,000, and a nominal value of $2.76 billion. Conversely, 220,000 Ethereum options expired with a Put Call Ratio of 1.36, a maximum pain point of $2,300, and a nominal value of $570 million. 27,000 Bitcoin and 220,000 Ethereum options are a significant portion of their respective open interest. These figures suggest limited profits despite positive market sentiment. The outlook for both Bitcoin and Ethereum is optimistic, however, short-term bullish positions remain limited. While Bitcoin’s realized volatility has fallen below 35% in the short term, indicating reduced price fluctuations, implied volatility for both assets remains low. This trend indicates a decline in volatility risk premium across all terms. The expiry volume represents less than 9% of the total open interest, and the majority of put options remain active this month.