On May 31, a significant number of Bitcoin and Ether options contracts expired, totaling billions of dollars. The expiration of crypto options has historically influenced price volatility in the market. The put/call ratio for expired Bitcoin options was 0.61, indicating more long contracts than shorts. Ether options had a put/call ratio of 0.46. A put/call ratio below 0.7 signals bullish sentiment, while above 1 indicates bearish sentiment. The 'max pain' point for Bitcoin was $66,000 and for Ether was $3,300. Despite trading above these levels, open interest in long positions remains high, with some traders targeting $100,000. The recent SEC approval of an ETH ETF initially boosted prices but led to a bearish market trend. Both BTC and ETH are currently facing resistance levels. The crypto market is now undergoing a correction phase after a period of bullish momentum. Read more AI-generated news on: https://app.chaingpt.org/news