Today, May 15, 2026, marks the expiry of approximately $2.63 billion in cryptocurrency options on the Deribit exchange, with Bitcoin (BTC) contracts accounting for $2.01 billion and Ethereum (ETH) contracts for $625 million. The event is drawing attention from traders as open interest remains elevated and key metrics point to a cautiously bullish market.
Key Expiry Data
Bitcoin options have a put/call ratio of 0.55, according to Coinglass, implying that call options (long bets) significantly outweigh puts. The maximum pain point—the price at which the most option sellers would lose—is $80,000, slightly below the current spot price hovering around $81,000. Deribit reported a notional value of $2.01 billion for BTC options, with the highest open interest concentrated at the $80,000 strike price ($1.68 billion). Bearish interest remains at the $60,000 strike, with $1.2 billion in open interest.
Ethereum’s figures show a put/call ratio of 0.39, indicating even stronger bullish positioning compared to Bitcoin. The max pain level is $2,300, and the notional value stands at $625 million. The spot price of ETH has struggled to break above $2,300, trading around $2,265.
Market Context
Total open interest in Bitcoin options across all exchanges has risen steadily this month to $38 billion, while Ethereum’s open interest sits at $7.3 billion. Despite the large nominal value of the expiry, analysts suggest the impact on spot markets is likely to be muted; the put/call ratios reflect a broader rotation toward upside exposure. Deribit commented, “Compared to last week, expiry size has grown materially while put/call ratios moved even lower, showing traders continue rotating toward upside exposure.”
Crypto markets experienced a mid-week dip following a U.S. inflation report but have recovered modestly. Total market capitalization is $2.77 trillion, up 1.7% on the day. Additional volatility could emerge from yesterday’s progress of the CLARITY Act, which advanced out of the Senate Banking Committee in a bipartisan 15–9 vote.
Short-Term Implications
The proximity of BTC’s spot price to the $80,000 max pain level may keep the asset rangebound before the expiry. For Ethereum, the gap between the $2,300 max pain and the current price suggests limited short-term upward movement. However, the low put/call ratios for both assets signal that traders remain predominantly optimistic about the medium-term outlook.
