Bitcoin Holds Above $77K As Traders Brace For Expiry

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More than $1.8 billion worth of Bitcoin (BTC) and Ethereum (ETH) options are set to expire on May 22, and traders are balancing bullish long-term bets against growing short-term caution. Bitcoin has remained relatively stable above $77K despite a volatile week, whereas derivatives data shows investors continuing to target much higher price levels later this year. At the same time, institutional traders are increasing downside protection as markets enter the final stretch of May, a period many consider seasonally challenging for risk assets.

Bitcoin Traders Still Target $90K Despite Defensive Hedges

According to an analysis by Deribit, approximately $1.53 billion in Bitcoin options and $264 million in Ethereum options are scheduled to expire on May 22. Bitcoin’s put-to-call ratio currently stands at 0.69, indicating call options still outnumber puts, and the max pain level sits at $79,000.

Deribit noted that the largest concentration of Bitcoin call open interest remains clustered between the $90,000 and $92,000 strike prices, highlighting continued bullish expectations despite recent price weakness.

Meanwhile, at press time on May 22, Bitcoin was trading at $77,400 after spending most of the past 24 hours fluctuating between around $76,700 and $77,800. The latest chart shows BTC briefly approaching the upper end of that range before settling near current levels, suggesting traders remain cautious ahead of the options settlement event.

Its current price represents a 0.3% advance in the last 24 hours, a decline of 4% over the week, and a 1.1% drop across the past month, according to the most recent chart information.

Altcoins Mixed as Investors Prepare for Month-End Volatility

Data from Greeks Live shows institutional investors increasingly hedging against potential pullbacks. Put-block options accounted for nearly 40% of total options volume this week, and significant activity focused on bearish Bitcoin spreads targeting the $75,000 and $71,000 levels for contracts expiring later this month.

Despite the defensive positioning, the wider crypto market remains mostly positive. Hyperlink (HYPE) leads major gainers with a rise of more than 5% to above $61, whereas Chainlink (LINK), Stellar (XLM), Sui (SUI), and Cardano (ADA) have all posted solid gains.

Not every altcoin is participating in the rally, however. Zcash (ZEC), one of the strongest performers on May 21, has fallen more than 3%, and XRP trades slightly lower on the day. Bitcoin, Ethereum, BNB, Solana (SOL), and Dogecoin (DOGE) are all modestly in the green, reflecting a market that remains resilient but cautious as traders navigate today’s large options expiry.