BTC selloff and $1.89B options expiry dey make di bears dey control
Bitcoin sell-off jam with big options expiry for June 5 as traders dey reason whether combined $1.89B BTC+ETH put flow go push price further down. About 25,600 BTC options expire with $1.62B notional. Greeks.live talk say BTC dey trade well below key “max pain” level near $70,500, and active hedging demand don increase. BTC put-call ratio drop to 0.56, while put positions grow around $68,000, $65,000 and $60,000 as BTC slip under $70,000. Short-term volatility rise and downside skew worsen, but traders still dey avoid clear one-way crash bet.
Bearish
Di latest article show say BTC and ETH options expiry happen as BTC dey sell off, wit BTC dey trade below di max pain level (~$70,500) and hedging/put positioning dey rise (put-call ratio 0.56). Dat combination normally dey make spot bid weak and dey keep downside skew dey high into di post-settlement window. Even though put-call ratios below 1 mean say no extreme panic or one-way crash betting, di growth of puts around $68k/$65k/$60k and di focus on near-term pivots ($2,000 for ETH) dey point to continued downside pressure rather than immediate bullish reversal.
Di earlier summary also note say May expiry no restore strong buying demand and say June contracts matter more, confirming traders dey focused on June option positioning. With macro uncertainty (Middle East ceasefire rejection wey affect energy and risk sentiment), di environment support caution. Net effect for BTC price action na bearish for short term, wit rallies depending on reclaiming key levels (BTC back above ~$63k; ETH back above ~$2,000) to reduce put pressure.