This May 29, 2026, the monthly expiration of options on Bitcoin and Ethereum is shaking the markets. With $7.5 billion at stake, traders are holding their breath. BTC and ETH under pressure, Max Pain to watch, and massive liquidations that could reshape the crypto landscape.
In brief
- $7.5 billion worth of BTC and ETH options expire today, with Max Pain above current prices.
- Bitcoin at $73,350 and Ethereum at $2,003: massive liquidations and selling pressure.
- Risk of rebound or crash? the key levels to watch to anticipate movements.
Massive $7.5 billion worth of bitcoin and ethereum options expire
This Friday, May 29, 2026 marks one of the biggest monthly expiries in history for crypto options, with 6.2 billion dollars in Bitcoin (BTC) and 1.29 billion in Ethereum (ETH). Additionally, the Max Pain — levels where option holders suffer the most losses — are set at $75,000 for BTC and $2,200 for ETH! Thresholds, above current prices.
Additionally, the Put/Call ratio reveals slight bullish dominance (0.84 for BTC, 0.74 for ETH), but the recent decline has rendered many contracts out-of-the-money. With nearly $2 billion in Bitcoin ETF sales since mid-May, selling pressure is intensifying. Traders therefore closely monitor liquidity levels around the most loaded strikes… Because the last minutes before expiration can cause sudden movements.
Catastrophic effects on prices: BTC and ETH reeling from liquidations
The expiration of this May 29, 2026 accelerated the fall of bitcoin and ethereum, already weakened by massive liquidations. Indeed, BTC broke below $74,000, breaking key support GEX (Gamma Exposure). While ETH fell below $2,000, losing a major psychological level. Furthermore, the Max Pain not reached amplified the losses for call holders, while option sellers pocketed the premiums.
Worse still, implied volatility remains abnormally low (< 40%), signaling a lack of panic... but also a risk of a violent rebound. If prices don't rebound quickly, the $7.5 billion worth of options could lock in a downtrend for the coming weeks, with tests of $70,000 (BTC) and $1,800 (ETH) in their sights.
With $7.5 billion in expired options, the crypto market is entering a zone of turbulence. Will Bitcoin and Ethereum hold up, or will the fall continue? And you, do you anticipate a rebound or a post-expiration crash?
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