Bitcoin is trading below a key cost threshold that short-term holders paid to acquire it \u2014 a sign that many recent buyers are sitting on losses heading into one of the largest options expiry events of the month.<\/p>\n
Glassnode data shows Bitcoin<\/a> is currently priced under the Short-Term Holder Cost Basis of $78,900, and also below the True Market Mean of $78,000.<\/p>\n Support is seen further down, in the $65,000\u2013$70,000 range. That backdrop sets a cautious tone as roughly 23,000 Bitcoin options contracts \u2014 worth $1.74 billion \u2014 are set to expire today on derivatives exchange Deribit.<\/p>\n The put-call ratio for those contracts sits at 1.10, meaning more traders are betting on price declines than on gains.<\/p>\n Bitcoin\u2019s max pain price \u2014 the level where the greatest number of options expire worthless \u2014 is $76,000, slightly below where it was trading at press time around $77,200.<\/p>\n Deribit<\/a> has flagged the settlement as one to watch closely, with data showing a 95% probability that Bitcoin options expire above that $76,000 mark. Heavy volume is concentrated at the $75,500 and $77,000 strike prices.<\/p>\n May 1st Options Expiry Alert. BTC spot pinned right at max pain. ETH trading\u2026 pic.twitter.com\/UC2GkTnBMb<\/a><\/p>\n \u2014 Deribit (@DeribitOfficial) May 1, 2026<\/a><\/p>\n In the past 24 hours, the put-call ratio for Bitcoin trading activity climbed to 0.73, while overall volume dropped. The Federal Reserve\u2019s decision to hold interest rates unchanged contributed to the slowdown.<\/p>\n
\nAt 08:00 UTC today, ~$2.14B in crypto options are set to expire on Deribit.$BTC<\/a>: ~$1.74B notional | Put\/Call: 1.10 | Max Pain: $76,000$ETH<\/a>: ~$394M notional | Put\/Call: 0.95 | Max Pain: $2,325<\/p>\nEthereum Sits Below Its Own Pain Point<\/h2>\n