May 23 Options Data 25,000 BTC options expired with a Put Call Ratio of 1.22, a Maxpain point of 104,000 and a notional value of 2.81 billion. 202,000 ETH options expired with a Put Call Ratio of 1.26, a Maxpain point of 2,450 and a notional value of 570 million. This week's BTC and ETH Options Data is almost indistinguishable from last week's, a situation that has been going on for three weeks now, and despite Bitcoin hitting an all-time high this week, the options market hasn't reacted much. As mentioned in yesterday's Space, the options data is a visual representation of the fact that not many mainstream coins are in the car and not many people are making money off of them in this bull market. Bitcoin's short to medium term RV rallied above 45% this week, but IV remained at 45% and VRP continued to fall across all terms. Deliveries are less than 8% of total positions, a percentage that is declining, proving that crypto institutions are not showing much reaction to the new highs in the big pie, and expectations for the future are relatively flat.