Bitcoin Holds $80K Ahead of $2.6B Crypto Options Expiry

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Bitcoin (BTC) hovered just above $80K as more than $2.6 billion in crypto options contracts prepared to expire on Deribit. Traders are watching for short-term volatility after Bitcoin once again failed to reclaim the $82,000 level and Ethereum (ETH) struggled to break above $2,300. The expiry event also arrives less than a day after the U.S. Senate Banking Committee advanced the CLARITY Act and added another macro catalyst for crypto markets heading into the weekend.

Bitcoin Holds Above $80K Before Major Expiry

According to Deribit data, roughly $2.01 billion worth of Bitcoin options are expiring on May 15, and a put-to-call ratio of 0.55 and a max pain level are sitting directly at $80,000. Ethereum options account for another $625 million in notional value, with ETH max pain positioned at $2,300.

The relatively low put-to-call ratios suggest traders still lean bullish despite cooling momentum across the wider crypto market. Deribit also noted that call options continue dominating positioning as Bitcoin trades slightly above max pain levels.

Bitcoin briefly dipped under $80,000 before recovering during the U.S. session. However, the asset once again lost momentum near $82,000 and drifted lower during the day’s trading in Asia. Ethereum followed a similar pattern, slipping back toward the mid-$2,200 range after another failed breakout attempt.

At press time on May 15, the price of BTC stood at $80,347.48, recording a 0.9% gain in the last 24 hours, advancing 0.2% over the past week, and accumulating an increase of 8.6% across the month, according to the most recent chart information.

Altcoins Mixed As Crypto Market Waits For Direction

The general crypto market stayed relatively stable despite the looming expiry event. Total crypto market capitalization rose modestly over the past 24 hours and several altcoins managed to outperform Bitcoin and Ethereum.

Hyperliquid (HYPE) remained one of the stronger large-cap performers after extending recent gains, and XRP, Litecoin (LTC), and Zcash (ZEC) also traded in positive territory. Meanwhile, Solana (SOL), Dogecoin (DOGE), and Tron (TRX) posted mild pullbacks as traders rotated between sectors.

Markets are also reacting to the Senate Banking Committee’s bipartisan vote advancing the CLARITY Act. The bill, which aims to establish clearer rules for digital assets in the United States, now heads toward the Senate floor after passing the committee in a 15-9 vote on May 14.

Is this a good time to buy crypto? Probably. For now, traders appear focused on whether Bitcoin can continue holding the $80,000 range after the options expiry clears. A decisive move above $82,000 could shift sentiment quickly, while another rejection may keep markets locked in consolidation heading into next week.