Bitcoin and Ethereum Face Volatility Ahead of Major Option Expiry

Cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) saw a slight pullback today as traders prepared for a significant $3.1 billion options expiry on May 16th. This upcoming event is expected to influence prices significantly, according to Deribit data. The breakdown of options into BTC ($2.66 billion) and ETH ($525 million) reflects a market split between bullish and bearish sentiment. Bitcoin’s Put/Call ratio sits at 0.99 while Ethereum’s is 1.24, indicating more hedging activity with stronger put pressure.