$7.5 Billion Bitcoin and Ethereum Options Expire Today!

This May 29, 2026, the monthly expiration of Bitcoin and Ethereum options shakes the markets. With $7.5 billion at stake, traders hold their breath. BTC and ETH under pressure, Max Pain to watch, and massive liquidations that could reshape the crypto landscape.

Massive Expiration of $7.5 Billion Bitcoin and Ethereum Options

This Friday, May 29, 2026, marks one of the largest monthly expiries in crypto options history, with $6.2 billion in Bitcoin (BTC) and $1.29 billion in Ethereum (ETH). Moreover, the Max Pain—levels where option holders suffer the most losses—are set at $75,000 for BTC and $2,200 for ETH! These thresholds are above current prices.

Additionally, the Put/Call ratio shows a slight bullish dominance (0.84 for BTC, 0.74 for ETH), but the recent decline has made many contracts out of the money. With nearly $2 billion in Bitcoin ETF sales since mid-May, selling pressure is intensifying. Traders are therefore closely monitoring liquidity levels around the most loaded strikes… Because the final minutes before expiration can trigger sharp movements.

Catastrophic Effects on Prices: BTC and ETH Under the Shock of Liquidations

The expiration this May 29, 2026 has accelerated the drop of bitcoin and ethereum, already weakened by massive liquidations. Indeed, BTC broke below $74,000, breaking a key GEX (Gamma Exposure) support. While ETH dropped below $2,000, losing a major psychological level. Furthermore, the unmet Max Pain amplified the losses for call holders, while option sellers pocketed the premiums.

BTC’s price has begun to break below the Gex concentration zone, and the resistance from open interest will continue to weaken. Meanwhile, since Gex is concentrated around $2,000, ETH has also broken below the Gex resistance level.

Although BTC has fallen to a very dangerous… pic.twitter.com/INeioAIqMP

— Greeks.live (@GreeksLive) May 28, 2026

Worse yet, implied volatility remains abnormally low (< 40%), signaling a lack of panic… but also a risk of a violent rebound. If prices do not rebound quickly, the $7.5 billion options could lock in a bearish trend for the coming weeks, with tests of $70,000 (BTC) and $1,800 (ETH) in sight.

With $7.5 billion in options expired, the crypto market enters a turbulent zone. Will Bitcoin and Ethereum hold, or will the decline continue? And you, do you anticipate a rebound or a crash post-expiration?