Bitcoin rebounded strongly and re-entered $61,000. In addition to the expected early rate cut on the macro news, the expiration of Bitcoin and Ethereum (ETH) options contracts with a total value of $2.4 billion today further boosted the market's upward trend.
On May 3, a total of 23,367 Bitcoin contracts worth $1.39 billion are about to expire. Data from the Deribit exchange shows that the put-call ratio of Bitcoin options contracts is currently 0.5, with a maximum pain point of $61,000. The maximum pain point refers to the price at which the asset will cause economic losses to the largest number of holders. If the price cannot be pulled up to $61,000, the option holder will lose money.
Similarly, a total of 334,248 Ethereum contracts with a notional value of $1 billion are also expected to expire on Friday. The put-call ratio of these expiring contracts is 0.37, and the maximum pain point is $3,000.
