Key Points

• Over $3.3 billion in Bitcoin and Ethereum options expire on May 23 on Deribit.
• On May 22, BTC is trading above $111,000, and ETH is trading above $2,600.

On May 22, Deribit released the Bitcoin and Ethereum options expiry data in a very bullish market that saw Bitcoin hitting a new ATH above $111,700.

Deribit’s Bitcoin and Ethereum Options Expiry Data

In its official announcement via X, Deribit revealed that over $3,3 billion in Bitcoin and Ethereum options will expire tomorrow, May 23.

$2,76 billion in Bitcoin options will expire with a Put/Call Ratio of 1.2 and a Max Pain Point of $103,000 – significantly lower than BTC’s current prices.

$526 million in Ethereum options will expire on Deribit with a Put/Call Ratio of 1.23 and a Max Pain Point of $2,400 – also lower compared to ETH’s price on May 22.

Deribit expects more market volatility, saying that BTC traders are eyeing up to $300,000 for BTC, while ETH traders hope for $3,000 prices for the digital asset.

🚨 Options Expiry Alert 🚨

BTC hit $111,944. Now ~$3.3B in notional BTC and ETH is set to expire Tomorrow on Deribit.$BTC: Notional: $2.76B | Put/Call: 1.20 | Max Pain: $103K$ETH: Notional:$526M | Put/Call: 1.23 | Max Pain: $2,400

Strike activity?
BTC traders are eyeing… pic.twitter.com/XXLgZJrXZ8

— Deribit (@DeribitOfficial) May 22, 2025

The May 23 BTC and ETH options expiry data have been released in a bullish general crypto market.

Bitcoin and Ethereum Price Trajectories

Here are today’s price trajectories for BTC and ETH:

BTC Price Action on May 22

At the moment of writing this article, BTC is trading above $111,000, up by more than 4% in the past 24 hours. Earlier today, May 22, BTC hit its new ATH above $111,700.

Bitcoin’s new ATH was hit on Bitcoin Pizza Day’s 15th anniversary. On May 22, 2010, Bitcoin was used for the first time in the real world to buy two pizzas.

Bitcoin’s bullish price action is fueled by optimism in the crypto industry stemming from the nearing of the Russia-Ukraine war, the trade deal between China and US, and continued institutional interest.

ETH Price Action on May 22

ETH was also a great performer today, being up by over 4.5% in the past 24 hours. At the moment of writing this article, ETH is trading above $2,650.

The digital asset kicked off an ascendant trajectory from May 21 prices at $2,640, reaching today’s top above $2,690.

The general crypto market is up by over 4% in the past 24 hours, with the Fear and Greed Index signaling a 73 Greed level on May 22.