PANews reported on May 22 that, according to Greeks.live, options settlement data on May 22 showed that 21,000 BTC options expired with a put-call ratio of 0.66, a maximum price threshold of $78,500, and a notional value of $1.6 billion; 129,000 ETH options expired with a put-call ratio of 0.92, a maximum price threshold of $2,200, and a notional value of $280 million.

Analysis indicates that Bitcoin's rebound, which lasted for a month and a half, ended this week, but strong support remains. The market was relatively quiet with low attention; less than 5% of BTC options and ETH options expired this week. BTC settlement volume was small, with the biggest resistance level close to the current price, resulting in a stronger Gamma/pin effect near settlement. ETH settlement volume was only half of last week's, and the current price is below the biggest resistance level. The brief increase in ETH options' share this month has ended, and short-term implied volatility (IV) is likely to decline after settlement.

Looking at key options data, Skew continued its slight decline, with implied volatility (IV) for major maturities decreasing significantly compared to last week, exceeding the decline in volatile interest (RV). VRP saw a slight increase. Bitcoin's IV for major maturities fell below 35% across the board, and ETH's IV for major maturities fell below 50%, with further declines expected in the short term. Large-scale trading was primarily structured, with whales continuously building short-term, low-cost protective positions. Volatility expectations were low, and overall market activity was lower than anticipated.