Welcome, Crypto enthusiasts!

Billions of dollars in BTC and ETH contracts are expiring today so increased volatility is expected.

In Today’s Blockstreet Journal:

• $4.7 Billion Bitcoin Options Expire

• ETH Struggles Past $3.9K

• Market Rundown

• Top Gainers & Losers

• Airdrops & More News

Latest News

BITCOIN
❌ $4.7 Billion Bitcoin Options Expire

Word On The Street: On May 31, a significant event in the crypto market will occur with the expiration of 69,000 Bitcoin options valued at $4.7 billion and 920,000 Ether options worth $3.5 billion. Historically, the expiry of crypto options contracts has been associated with increased price volatility.

The details:

• According to Deribit data from GreeksLive, the put/call ratio for the expiring Bitcoin options is 0.61, indicating more calls (long contracts) than puts (short contracts) are set to expire.

• The maximum pain point, where leveraged traders will incur the most losses, is at $66,000. Currently, Bitcoin is trading at $68,210, which is $2,000 above this level.

• Significant open interest (OI) exists in long positions with strike prices at $70,000, $75,000, $80,000, and even $100,000 for Bitcoin.

Why it matters: A notable amount of long positions have been placed on Bitcoin targeting a price of $100,000, with $886 million in open interest at this strike price. The total notional value of all outstanding BTC options contracts is $19 billion.

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ETHEREUM
😬 ETH Can’t Break $3,900 

Word On The Street: ETH briefly surpassed $3,900 multiple times over the past week but has struggled to maintain this level.

The details:

• Despite the initial excitement, the market is still awaiting the respective Form S-1 approval for each of the funds.

• On May 30, Ethereum's 122,350 daily active addresses engaging with DApps (UAW) decreased by 2% from the previous day.

• Ethereum's high gas fees indicate strong demand for block space but also create opportunities for competing blockchains focused on high scalability.

Why it matters: Ether’s inability to break the $3,900 resistance level can be partly attributed to the pre-approval rally and subsequent investor disappointment over delayed trading. This uncertainty has negatively impacted prices, especially as Ether’s futures open interest reached an all-time high of $16.8 billion on May 28.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.52T, a 1.07% decrease over the last day.

The total crypto market volume over the last 24 hours is $77.42B, which makes a 5.52% decrease. The total volume in DeFi is currently $5.5B, 7.10% of the total crypto market 24-hour volume. The volume of all stable coins is now $72.76B, which is 93.97% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 52.71%, a decrease of 0.26% over the day.

Global Market Metrics

Current State of the Crypto Market:

- Total Market Cap: $2.52 trillion

- 24-Hour Trading Volume: $77.42 billion

- Active Cryptocurrencies: 10,086

- Active Market Pairs: 83,432

- Active Exchanges: 773

Dominance:

- Bitcoin Dominance: 52.71% (a decrease of 0.26% in the last 24 hours)

- Ethereum Dominance: 17.96% (an increase of 0.17% in the last 24 hours)

Market Segments:

- DeFi Market Cap: $93.36 billion

- DeFi 24-Hour Trading Volume: $5.5 billion (a decrease of 5.57% in the last 24 hours)

- Stablecoin Market Cap: $154.70 billion

- Stablecoin 24-Hour Trading Volume: $72.67 billion (a decrease of 5.64% in the last 24 hours)

- Derivatives 24-Hour Trading Volume: $684.67 billion (a decrease of 0.80% in the last 24 hours)

Top Gainers & Losers

🚀 Top Gainers

💩 Top Losers 

Airdrops & More News

DAILY AIRDROP
📦️ Marginly Farming Airdrop

Marginly has recently collaborated with Pendle to offer 10x leverage on yield-bearing assets, boosted APYs, and Sparks (points). Marginly is currently running a points campaign where users can earn free Sparks for depositing in Marginly pools. The team has confirmed that each spark makes you eligible for the future airdrop.

Step-by-Step Guide:

1. Visit the Marginly website.

2. Connect your wallet.

3. Now deposit assets in their Marginly pools.

4. You can deposit WETH, USDC or USDT in their pools.

5. You will receive sparks for each deposited asset.

6. The team has confirmed that each spark makes you eligible for the future airdrop.

7. You can also invite your friends and earn 10% of Sparks from your referrals and 5% from their referrals.

Other News

Japanese Crypto Exchange DMM Bitcoin Suffers $305M Hack. Measures have been taken to prevent further unauthorized outflows, the exchange said.

Crypto Bettors Lay 17% Odds on Donald Trump in Jail Before Election Day. Gamblers have placed almost $900,000 in bets on the “Trump in jail before election day?” market on the predictions application Polymarket.

CertiK announces CertiK Ventures to boost blockchain development. CertiK Ventures aims to drive on-chain innovation by supporting security-first projects, fostering key partnerships, and making strategic investments.

Tether invests $150M in Jihan Wu’s crypto mining firm Bitdeer. Following the investment, Tether expects close collaboration with Bitdeer across several key infrastructure areas, CEO Paolo Ardoino said.

🫡 Thanks For Reading

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