With the passage of the Ethereum spot ETF and the change of U.S. presidential candidates' stance on cryptocurrencies, the cryptocurrency market seems to be gradually recovering. Bitcoin has risen from a level of $57,000 at the beginning of this month to a maximum of about $71,000, an increase of 24.6%. .

Bitcoin is currently fluctuating at a high between US$68,000 and US$70,000. It was temporarily trading at US$68,556 at the time of writing, down 0.2% in the past 24 hours. It remains to be seen when it will take a clear direction.

Bitcoin bulls are too optimistic, betting over $70,000

However, judging from options data expiring at the end of this month, many investors have more optimistic expectations for Bitcoin’s rebound this month. According to data from the options trading platform Deribit, nearly 90% of Bitcoin options due to expire on May 31 have exercise prices set at US$70,000 or above. It shows that most investors are betting that Bitcoin will rise significantly before the end of May.

Since the current market price of Bitcoin is about $68,500, the gap between the exercise price of these bullish investors and the market price is still some distance away, which means that unless there is a larger increase, these buy calls will It is likely that it will be invalid after expiration, causing investors to lose their premiums.

Currently, the Bitcoin options data expiring on May 31 on Deribit are as follows:

A total of $4.693 billion expires (a total of $6.5 billion if other exchanges are included), with a call to put ratio of 0.6

Max Pain is $65,000

The "Max Pain" of an option refers to the price at which the buyer's overall loss is the greatest (that is, the seller's overall profit is the greatest) when the option expires. $ETH $BTC $SOL