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Bitcoin bears dominate Friday’s $2.1B BTC options expiry with a $585M lead

A total of 53,400 (BTC) options are set to expiry on Friday, May 28. At first sight, bulls appear to lead as the $2.1 billion open interest call (buy) to put (sell) options ratio stands at 1.32, favoring the neutral-to-bullish derivatives.

However, after Bitcoin dropped 33% in May, the right to acquire BTC at $46,000 and above is essentially worthless since there are less than 38 hours left before expiry.

Bitcoin price at Coinbase, USD. Source: TradingView
Bitcoin May 28 options aggregate open interest. Source: Bybt