options

According to Jinshi reports, Wall Street traders expect a strong employment report to be released on Friday, but fluctuations in oil prices have shifted attention more towards inflation issues. Crude oil prices continue to rise, and the stock market is performing steadily. Traders are concerned about the persistence of inflationary pressures and the Federal Reserve's response, anticipating that the Fed's interest rate decision in June will be the most important event for the S&P 500 index in the coming month. Data from Citigroup shows that the options market expects the index to fluctuate by 0.6% on Friday.

According to Gate market data, BTC has dropped to around $67K, and ETH has fallen to $1,821. The BTC $75K Put and ETH $2,100 Put, which the market had been focusing on, have fully entered the deep in-the-money range, significantly increasing the value of protective positions. Meanwhile, VOL has quickly rebounded from a low point, and a trend of expanding market volatility is forming. Under the Short Gamma structure, market makers' hedging behavior may further amplify price fluctuations.In an environment of expanding volatility, more and more traders are beginning to manage risks and trade volatility through options. Data shows that Gate options trading volume in May increased by 69.4% month-over-month, the number of trading users grew by 33.6%, active new users increased by 27%, and liquidity and user participation continue to rise.Gate options have recently continued to upgrade their multi-asset ecosystem, now supporting BTC, ETH, gold, and crude oil options trading, with quoted spreads leading competitors by 42.6%. They have also launched combination strategy ordering and dynamic hedging (DDH) functions to help users manage risks and seize market opportunities more efficiently.

According to PRNewswire, institutional-grade digital asset options and derivatives trading infrastructure provider SignalPlus has completed a $50 million Series B1 financing round, with a post-investment valuation of $500 million. This round was led by HashKey Capital, with follow-on investments from BlockBooster and AppWorks, and Goldman Sachs served as the exclusive financial advisor.It is reported that SignalPlus is headquartered in Hong Kong and is dedicated to building institutional-grade derivatives trading infrastructure for the converging capital markets. Its platform provides professional options analysis, real-time risk management, and trading execution tools for hedge funds, market makers, proprietary trading teams, and asset management institutions, covering both digital assets and traditional financial markets.

According to official news, the Chicago Mercantile Exchange Group (CME Group) has officially launched 24/7 trading for cryptocurrency futures and options. Over the first weekend, a total of more than 7,200 contracts were traded, with a nominal value of approximately $50 million.Bitcoin volatility futures have also been launched simultaneously. Tim McCourt, the Global Head of Equity, FX, and Alternative Products at the Chicago Mercantile Exchange Group, stated that this move meets customer demand for continuous liquidity over the weekend, bridging the gap between traditional regulated venues and the 24/7 nature of cryptocurrencies.

Vitalik posted on platform X, stating that building index-tracking assets based on options rather than debt is worth considering and trying, using options as the foundation of DeFi instead of CDPs and liquidation mechanisms. This design can avoid the extreme price fluctuations that cause severe and global liquidation effects, allowing exposure to the index to deviate from preferred exposure in a smoother secondary manner.Its key advantage is that it does not require instant oracles and can operate based on slow oracles, which are the types of oracles used in prediction markets. The design has a clear drawback, which is the need for regular rebalancing, and it remains to be clarified whether and how rebalancing can have sufficient slippage resistance.Vitalik added that compared to relying on oracles that must provide real-time answers and may be induced to give incorrect real-time answers without human remediation time, he believes that holding algorithmic stablecoins placed within such mechanisms is safer.

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 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.