On May 31, Bitcoin will see $6.5 billion worth of options expire

Media reports that on May 31, Bitcoin will see $6.5 billion in options expire, with bulls attempting to push the price above $70,000 but facing challenges. Despite investors betting that Bitcoin will rise to $80,000 and $90,000, it has recently failed to break through the resistance of $70,000. As of now, 91% of bullish options are set at or above $72,000. Comprehensive data shows that if Bitcoin trades above $70,000 on May 31st , bulls stand to profit by $270 million. However if the price stays around $67,800 then the market would be relatively balanced. Deribit holds a 71% share of the bitcoin options market in May followed by CME and OKX.