May 23, 10:10 AM

Bitcoin Options See $21.4M Volume as 25,400 Contracts Worth $2.8B Expire; BTC Near $110K, HYPE Hits $35

On May 23, 2025, the cryptocurrency options market experienced notable activity, particularly in Bitcoin (BTC) trading. BTC options saw strong trading volume of approximately $21.4 million, with open interest around $164.8 million to $168.4 million, indicating sustained market engagement. Around 25,400 BTC options contracts, worth roughly $2.8 billion notionally, were set to expire on the same day, raising questions about potential market impact. Despite a slight dip from its all-time high, BTC maintained a price near $110,000, while Ethereum (ETH) and Solana (SOL) traded at approximately $2,600 and $181-$182 respectively. The market also saw significant inflows into Bitcoin and Ethereum ETFs, with $935 million and $111 million added respectively. Hyperliquid whale activity was notable, including a $1 billion position triggering $7 million in call options for September at a $130,000 strike price. Altcoins such as HYPE surged 16% to a new all-time high of $35, placing it as the 14th largest coin by market capitalization at $11 billion, just behind SUI. Additionally, Kraken announced plans to introduce tokenized stocks on the Solana blockchain. Overall, the market displayed a mix of cautious optimism and active trading across major cryptocurrencies and altcoins.