Analyst: $2.14 Billion Worth of Options Set to Expire Today, Bitcoin Outperforms in Price and Sentiment Compared to the Previous Three Months

On May 1, per Greeks.live data: - 23,000 BTC options expired, with a put/call ratio of 1.13, max pain at $76,000, and notional value of $17.4 billion. - 175,000 ETH options also expired the same day, with a put/call ratio of 0.94, max pain at $2,325, and notional value of $4 billion. Greeks.live analyst Adam noted this week saw muted market volatility, with Bitcoin (BTC) hovering around $78,000. Sentiment is gradually cooling: short-term implied volatility (IV) has plummeted, and nearly a quarter of position margin has been released amid this week’s monthly settlement. Main-term option IVs dropped sharply this week: - BTC’s main-term IVs are all below 40% across the board. - ETH’s main-term IVs fell even further: short-term IV dipped below 50%, while medium- to long-term IVs are all under 60%. Key option data highlights: - Skew remains stable, signaling a slight bearish directional bias. - Only 6% of options expire this week; ~25% open interest remains through end-May, ~30% through end-June. - Large transactions are relatively inactive, pointing to a consolidation phase. Market context: This April, BTC outperformed in both price and popularity versus the first three months of the year. However, the altcoin market has seen limited recovery—focus remains squarely on BTC, with altcoin activity still awaiting a pickup.