options

According to The Defiant, the Chicago Mercantile Exchange Group (CME Group) announced a comprehensive upgrade to its cryptocurrency derivatives business, with Bitcoin and Ethereum futures and options products now supporting 24/7 trading, eliminating the previous fixed trading hours.This move aims to align with the around-the-clock nature of the spot market, providing a more flexible trading environment for institutional and retail traders, and is expected to further enhance trading volume and price discovery efficiency.

According to an official announcement from Coinbase, Coinbase Financial Markets has become the first and only futures commission merchant (FCM) regulated by the CFTC in the United States, officially providing U.S. institutional clients with access to the global cryptocurrency derivatives market.Previously, U.S. users lacked compliant channels to access the global cryptocurrency derivatives market (which accounts for about 80% of global cryptocurrency trading volume). Currently, the open interest in Deribit Bitcoin options has exceeded $31 billion.With this launch, institutional clients can access international platforms such as Deribit through a single compliant channel, without the need to establish offshore entities. Retail user access services will also be launched soon.

According to data from Greeks.live, the nominal value of a total of $7.48 billion in BTC and ETH options is set to expire, with the maximum pain points being $75,000 and $2,200, respectively. Among them, 84,000 BTC options are expiring, with a Put Call Ratio of 0.88 and a maximum pain point of $75,000, representing a nominal value of $6.2 billion; 639,000 ETH options are expiring, with a Put Call Ratio of 0.81 and a maximum pain point of $2,200, representing a nominal value of $1.28 billion.From the main options data, the PCR for BTC/ETH is 0.88 and 0.81, respectively, which is not extremely bearish. The market has not previously made large-scale bets on a one-sided crash; it appears more neutral with a slight defensive stance, and the Skew volatility is not significant, reflecting more of the realization of previously accumulated positions.

According to 10x Research analysis, the Ethereum options market has seen an unusually large volume of put option buying, with contract flows at strike prices of $1800 and $1900 being about five times the normal levels.The institution believes that while Ethereum is cheap today, cheap does not equate to a buying opportunity. Fundamentals ultimately determine price, and marketing narratives can only sustain deviations for a limited time; eventually, reality will re-establish dominance.

CME, or the Chicago Mercantile Exchange, has transitioned its Bitcoin futures and options on the Globex platform to 24/7 trading starting Friday, ending the previous fixed market closure from Friday to Sunday. The "CME gap" that formed due to the weekend market closure has thus come to an end.Despite the change in trading mechanism, market liquidity remains primarily concentrated in ETF options and offshore perpetual contracts. The open interest in IBIT options is significantly higher than that in the CME crypto options market.

According to Deribit data, a nominal value of $7.5 billion in cryptocurrency options will expire tomorrow, including:· BTC options with a nominal value of $6.21 billion, a put/call ratio of 0.88, and a maximum pain point of $75,000;· ETH options with a nominal value of $1.29 billion, a put/call ratio of 0.81, and a maximum pain point of $2,200.

The BNB ecosystem decentralized derivatives trading platform StandX has revealed that it may conduct a TGE within the year.It is reported that based on the recently deployed SIP-2 and SIP-3 mechanisms, the protocol currently allocates part of the trading fees to position holders and DUSD holders, with the annualized yield (APY) of its stablecoin DUSD maintained at around 10%.In addition, following the launch of the Network Yield trading fee rebate feature, StandX announced that it will soon launch the on-chain options product SIP-4. According to the introduction, this product combines the Perps (perpetual contracts) framework and will provide users with features such as peer-to-peer covered calls.

According to BBX data, the pressure from market regulation suddenly intensified over the weekend, and institutional-level crypto derivatives product lines expanded simultaneously. The core dynamics are as follows:On May 22, James Comer (Republican, Kentucky), Chairman of the House Oversight and Government Reform Committee, officially issued investigation letters to Kalshi (privately held) and Polymarket (privately held), initiating a formal congressional investigation into insider trading on prediction market platforms. The investigation focuses on two suspicious bets: one betting on the early capture of Venezuelan President Maduro, and another betting on the direction of the Iranian conflict. Both transactions recorded unusually large amounts just hours before the related events were made public. According to media reports, the Wisconsin Attorney General has recently listed Robinhood Markets, Inc. (NASDAQ: $HOOD), along with Kalshi, Polymarket, and Crypto.com, as defendants, accusing them of providing unlicensed sports betting services in Wisconsin. This is the latest escalation of the prediction market facing legal challenges in 13 states to congressional scrutiny. Both Kalshi and Polymarket stated their willingness to cooperate with the committee's investigation, asserting that their platforms have robust anti-insider trading mechanisms.On May 23, the U.S. Securities and Exchange Commission (SEC) officially approved a proposal submitted by Nasdaq, Inc. (NASDAQ: $NDAQ) to launch cash-settled Bitcoin index options on its Philadelphia Stock Exchange, which does not involve physical delivery of Bitcoin. This product will allow institutional investors to hedge or invest in Bitcoin price fluctuations through standardized options contracts, filling a market gap for cash-settled Bitcoin index derivatives on regulated exchanges in the U.S. The timing of the approval coincided with significant fluctuations in Bitcoin over the week (with a low of $74,500 and a high rebound to $77,800), reflecting the accelerating release of genuine demand for volatility management tools in the market.

According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) has approved index options based on Bitcoin prices to be listed on Nasdaq. This indicates that Wall Street is further integrating with the digital asset market.This product will provide U.S. stock traders with another way to bet on Bitcoin price movements, in addition to options on iShares Bitcoin Trust ETF and similar funds.

According to Greeks.live, options expiration data shows that 21,000 BTC options are expiring, with a Put Call Ratio of 0.66, a maximum pain point of $78,500, and a nominal value of $160 million; 129,000 ETH options are expiring, with a Put Call Ratio of 0.92, a maximum pain point of $2,200, and a nominal value of $280 million.Analysis indicates that Bitcoin has ended a one-and-a-half-month rebound this week, but the market support remains strong. The market is relatively calm, with low attention; this week, less than 5% of BTC options are expiring, and similarly, only 5% of ETH options are expiring. The delivery volume for BTC is not large, with the maximum pain point close to the current price, resulting in a stronger Gamma/pin effect near delivery; the delivery volume for ETH is only half of last week’s, and the current price is below the maximum pain point. The brief increase in the proportion of ETH options this month has ended, and the short-term implied volatility is likely to decline after delivery.From the main options data, the Skew continues to decline slightly, with the implied volatility for major maturities significantly dropping compared to last week, with a decrease exceeding that of realized volatility, and the volatility risk premium has increased. The implied volatility for major Bitcoin maturities has fallen below 35%, while the implied volatility for major ETH maturities has fallen below 50%, with even lower levels in the short term. Block trades are primarily structured, with large whales continuously building short-term low-cost protective positions, and volatility expectations are low, leading to overall market activity being below expectations.

HashKey Capital's fund announced the completion of a $40 million strategic investment in the options trading platform SignalPlus, which includes a $20 million cash contribution from HashKey Group.It is reported that SignalPlus focuses on options trading systems, automated market making, and structured product solutions, and is a leading institutional-grade crypto derivatives platform in Asia, holding a significant share in the mainstream options market. This round of investment is a continued commitment from HashKey Capital since SignalPlus's seed round financing, and both parties will deepen their strategic cooperation to jointly promote product innovation and global institutional business expansion.

According to CoinDesk, approximately $6.25 billion in Bitcoin options contracts will expire on May 29, with a strike price of $75,000 gathering the largest put position with a notional value of about $394 million, while the $80,000 strike price has the largest call position of about $532 million. The current maximum pain point is at $75,000, which is about 3% lower than the current Bitcoin price of $77,250. Data shows that this expiration involves a total of 80,535 contracts, with 43,184 call options and 37,351 put options, resulting in a Put/Call Ratio of 0.86, indicating that the market overall still leans towards a moderately bullish outlook.It is worth noting that the Bitcoin call option expiring on May 29, 2026, with a strike price of $82,000 became the most actively traded single option product on Thursday, with about 1,600 contracts traded and a notional value of approximately $126 million, indicating that some traders are betting on a breakout for Bitcoin.

Glassnode stated that the signals from various Bitcoin derivatives markets are diverging, and the overall structure is beginning to weaken. A significant shift in selling pressure has been observed, with the cumulative volume delta (CVD) for spot trading plummeting by 848.7%. Nevertheless, spot trading volume has increased by 4.2%, indicating a rise in trading activity, but this may stem more from trading interest rather than bullish sentiment. Open interest has slightly decreased by 2.9%, reflecting a cautious attitude towards leverage in an uncertain environment. However, the funding rate paid by the long side has surged by 136.6%, showing a rebound in demand for long positions and an increase in bullish sentiment among traders. Yet, the CVD for perpetual contracts has sharply declined by 278.7%, highlighting significant selling pressure and indicating that bearish sentiment still dominates.The 25-Delta Skew for options has risen by 42.75%, as traders seek more downside protection, with the market clearly turning bearish. Meanwhile, open interest and volatility spreads for options have increased by 1.7% and 124.52% respectively, indicating heightened market participation and increased expectations for future price volatility. The MVRV of the US spot ETF has decreased by 6.1%, with net flows for the ETF deteriorating sharply, reflecting a decline in institutional confidence. However, ETF trading volume has risen by 7%. On-chain activity presents a mixed picture: the number of active addresses has decreased, while the adjusted transfer volume has increased, suggesting relatively low network usage, but large amounts of capital continue to move.Overall, as momentum, spot demand, and speculative positions weaken across the board, the Bitcoin market structure is beginning to soften. Options traders are increasingly hedging against downside risks, liquidity and profitability indicators continue to cool, and the market structure remains relatively stable, but stable liquidity and the strength of long-term holders still provide some resilience to the market.

According to 10x Research analysis, since mid-January, the total gamma exposure of Bitcoin has remained negative, currently reaching -3.2 billion dollars at the strike price of 82,000 dollars. In a negative gamma environment, market makers are forced to trade in the direction of the trend, accelerating buying during price increases and accelerating selling during price decreases, which exacerbates price volatility.As the options expiration on May 29 and June 26 approaches, the negative gamma suppression effect is expected to gradually dissipate, and the downward bias of Bitcoin will subsequently ease. Currently, the market demand for call options is significantly higher than for put options, and institutions expect that market sentiment will shift from bearish to bullish at that time.

According to Jinshi News, Chicago Fed President Goolsbee stated that all interest rate options are on the table, and it is not just about cutting rates. At the end of April, the Federal Reserve kept interest rates unchanged, and three officials opposed the wording in the statement that suggested a possible rate cut next, arguing that the possibility of a rate hike should be retained. Goolsbee's remarks reflect a shift among Federal Reserve policymakers, mainly due to the inflationary pressures caused by the energy price shock resulting from the Iran war. He reiterated that both rate cuts and hikes are being considered and expressed concern about inflation, believing that there are price pressures beyond the energy shock.

Glassnode pointed out that after Bitcoin broke through resistance and entered the $82,000-$83,000 range, market volatility has significantly rebounded. Options data shows that the implied volatility (IV) has rebounded sharply from the low in October 2025, with 1-week IV rising by 6 points, indicating a recovery in short-term options demand. The 25D skew continues to compress towards neutrality, with bearish hedge demand weakening.The volatility risk premium (VRP) has turned positive, and the future volatility priced in options is now higher than the realized volatility in the spot market. Additionally, there is a short-term gamma short cluster of nearly $2 billion around the $82,000 mark, and traders' hedging behavior may amplify the current price volatility.In the past 24 hours, selling call options accounted for 81% of trading flow, indicating that some traders are starting to cash in on gains, with overall positions leaning towards consolidation rather than panic hedging.

Glassnode analysis indicates that Bitcoin has broken through key resistance, rising to $82,000 - $83,000, ending several weeks of narrow fluctuations, and market volatility has returned.Options data shows that the short-term 1-week implied volatility has rebounded by about 6 points, while long-term volatility remains moderate, and short-term trading demand has quickly recovered. In terms of sentiment and positioning, the 25 delta skew is converging towards neutral, with reduced demand for downside hedging; short-term outlook is slightly bearish, while long-term has turned bullish, with upward expectations being repriced. Structurally, implied volatility exceeds realized volatility, and the VRP has turned positive; there is a concentration zone of about $2 billion in "short gamma" around $82,000, which may amplify volatility. Over the past 24 hours, the proportion of call options sold is 81%, indicating that the market tends to consolidate.

BTC IV 39%, ETH IV 55%; ETH Skew is at a critical turning point------the mid to long term stabilizes at +2 to +5, while the short term has repeatedly dropped to -10 but quickly returned to zero. If ETH stabilizes above $2,400, the short term turning positive will resonate with the mid to long term, confirming a shift from event hedging to upward chasing. The BTC/ETH GEX Term Structure shows that the near-month Gamma has clearly turned positive, with ETF inflows and Call accumulation driving a positive Gamma slow bull structure------under a Long Gamma environment for market makers, the short term is inclined towards high-level fluctuations and slow increases, with IV retreating. Bull Call Spread and selling Put strategies are dominant, but the far month retains negative Gamma reflecting ongoing tail hedging demand. In terms of block trades, 1,001.8 BTC 5/8 expiration $88K Calls were traded, and 14,288 ETH 5/15 expiration $2,600 Calls were traded, indicating clear bullish signals from institutions.Gate has launched the "Rising Star Trader Support Program" for options, with a total prize pool of $25,000 USDT. During the event, users can earn multiple rewards through options trading, inviting friends, and participating in KOL incubation camps: the highest reward for meeting trading volume standards can reach $3,000, and the highest commission for inviting can reach $2,000. Meanwhile, the platform also provides high-quality traders with 1-on-1 options hedging training, exclusive rate discounts, and traffic support, helping traders enhance their strategy capabilities and market influence, and providing a more competitive trading environment and growth opportunities for professional options users.

Bitcoin bulls have high expectations for the year-end options expiring on December 25, involving about $6 billion in funds. Since the year’s low of $60,130 on February 6, the BTC price has risen by 33%, which has largely driven the return of bullish sentiment in the market. However, the large number of call (buy) options with target prices pointing to $115,000 and above has also raised questions about whether the bulls are overly optimistic.The Deribit trading platform holds a 92% market share in December Bitcoin options open interest, reaching $5.5 billion. On Deribit, put (sell) options have decreased by 56% compared to call options, as crypto traders have traditionally favored bullish positions, with the put-call ratio typically skewed. Even so, the open interest for call options at $115,000 and above amounts to $1.85 billion, which is still a considerable size. However, the number of put options at $55,000 and below is also significant, with total open interest of $1 billion. This indicates that both sides are viewed as having a similar proportion of bets deemed unlikely to materialize, each accounting for about 50% of their respective open interest segments. If the bulls are seen as overly optimistic, the bears also seem to be equally extreme in their pessimism.The options skew indicator more clearly reflects professional traders' comfort levels regarding upside and downside price risks. Put options are trading at a 9% premium relative to equivalent call options, indicating moderate concern about Bitcoin's downside price volatility. Under neutral conditions, the skew indicator should be between -6% and +6%. According to derivatives indicators, investor optimism has not been materially affected during Bitcoin's rise to $80,000. Ultimately, the $1.85 billion in call options for December should not be interpreted as a signal of excessive confidence from the bulls.

According to CoinDesk, Bitcoin has risen from about $63,000 to over $80,000 in the past three months, with several key indicators currently pointing to a target of $85,000.On-chain, BTC has broken through two key supports: the "real market average" ($78,200) and the "short-term holder cost basis" ($79,100). Research firm Glassnode indicates that the next resistance level is around the active realized price of $85,200; on the futures front, the funding rate has shifted from negative to neutral, as significant short pressure has clearly eased, increasing the risk of a short squeeze; on the options front, market makers hold about $2 billion in "short gamma" exposure around $82,000, and a price increase will force them to continue hedging purchases, creating positive feedback. However, analysts warn that Bitcoin remains highly correlated with the tech sector of the U.S. stock market, and if the equity market shifts to risk-off, upward momentum may be suppressed.