CoinEx News: On May 8, 20,000 BTC options and 182,000 ETH options expired, carrying a combined notional value of about $2.01 billion, according to Greeks.live data. BTC options had a 0.73 put-call ratio, a $79,500 max pain level and $1.6 billion in notional value, while ETH options had a 0.93 put-call ratio, a $2,350 max pain level and $410 million in notional value.

With BTC pulling back after testing $82,000, the $79,500 max-pain level and subdued volatility metrics make the expiry more relevant as a short-term positioning anchor than as a fresh breakout catalyst.