BlockBeats News, May 22nd. According to Greeks.live data, there were a total of 21,000 BTC options expiring on May 22nd, with a Put Call Ratio of 0.66, a max pain point of $78,500, and a notional value of $1.6 billion.

In addition, 129,000 ETH options are also set to expire today, with a Put Call Ratio of 0.92, a max pain point of $2200, and a notional value of $2.8 billion.

Analyst Adam from Greeks.live stated that Bitcoin concluded a one-and-a-half-month rally this week, but the on-chain support remains strong. The market sentiment is subdued, with less than 5% of BTC options expiring this week, and only 5% for ETH. BTC delivery volume is not significant, with the max pain point close to the current price, enhancing the Gamma / pin effect near the delivery; ETH delivery volume is only half of last week, with the current price below the max pain point, indicating a brief rise in ETH options dominance this month which is expected to fall post-delivery.

Looking at the main options data, Skew continues to decline slightly, with a significant decrease in IV of major tenor options compared to last week, dropping more than the RV decrease, leading to an increase in VRP. Bitcoin's major tenor IV has fallen below 35% across the board, and ETH's major tenor IV has also fallen below 50%, expected to be lower in the short term.

Large trades are predominantly structured, with whales continuously establishing short-term low-cost protective positions, resulting in lower volatility expectations and an overall market sentiment lower than anticipated.