Bitcoin options worth $1.6B set to expire today

Bitcoin options with a notional value of $1.59 billion are set to expire at 8:00 a.m. UTC today, May 8, according to data from crypto options exchange Deribit. The put/call ratio is 0.74, indicating a prevalence of bullish bets, while the max pain price—the point at which the most option holders would see their contracts expire worthless—is $79,500. Additionally, Ethereum options worth $410 million will expire at the same time. These have a put/call ratio of 0.94 and a max pain price of $2,350.