The $3.2 Billion Aftermath: How Options Expiry Shook Up BTC, ETH Crypto Prices

• Crypto market on May 17 showed volatility after $3.2B options expiry; BTC >$103k, ETH <$2.5k
• Bitcoin (BTC) trading volume declined 12.18%; Ethereum (ETH) had better relative liquidity
• Altcoins saw mixed performance (Solana up, XRP flat); Fear & Greed Index read 68 (cautious hope)

The crypto market showed mixed movements on May 17, 2025, following the expiry of $3.2 billion in options agreements. This big event definitely stirred up volatility across major tokens as the markets adjusted before the week’s last trading session. While Bitcoin (BTC) managed to stay above the $103,000 mark, Ethereum (ETH) fell below $2,500, even as overall trading volumes declined alongside what the draft termed a risk-averse sentiment.

Bitcoin Faces Tight Range, Softer Trading Volume

Bitcoin (BTC), for instance, opened the day with its price swinging between $102,500 and $104,000, a sign of the ongoing uncertainty in the market. As of press time on May 17, BTC was trading at $103,632.41. This marked a 0.36% decrease over the preceding 24 hours. The leading crypto asset’s market capitalization also dipped, coming in at $2.05 trillion, with its fully diluted valuation (FDV) at $2.17 trillion.

But its trading volume told a different story, dropping 12.18% to $44.88 billion. This brought the volume-to-market cap ratio for Bitcoin down to 2.17%, signaling that trading activity was relatively lower compared to its overall market value.

Related: Total Market Cap Nears $3.5 Trillion: Where is the Money Flowing?

Ethereum Breaks Key $2,500 Support After Reversal

Ethereum (ETH), on the other hand, took a hit, mirroring the general market’s cautious tone and closing the same 24-hour window with a 3.51% loss. The asset’s price dropped to $2,495.94, falling below the key $2,500 support level and pulling its market cap to $301.32 billion. With a fully diluted supply of 120.72 million ETH, its FDV was the same as its circulating market cap.

ETH had started the session trading near $2,573 and even climbed above $2,600 before a selloff pushed its price to a low of $2,450 around the time of writing. Ethereum’s trading volume also decreased to $24.13 billion. However, its volume-to-market cap ratio settled at a healthier 7.67%, showing stronger relative liquidity for ETH despite its price pullback.

Altcoins Reflect Mixed Sentiment

These shifting crypto market conditions also played out among the altcoins, which had a pretty uneven day of performance. Solana (SOL), for example, actually went up, trading at $172.80, while XRP held its ground at $2.42. Memecoins like PEPE and Shiba Inu (SHIB) also kept retail traders busy with active participation, though volatility for these tokens stayed high.

Related: Crypto Market Cap Nears $3.5 Trillion As TOTAL3 Chart Signals Altcoin Breakout Ahead

Looking at the top movers, IP (Story) led the gainers with a 12% increase. EOS followed with a 10% gain, HYPE (Hyperliquid) rose by 8%, and both AAVE and Helium (HNT) were up 6%. On the flip side, tokens like Optimism (OP) and Bonk (BONK) each dropped by 3%, while Monero (XMR), Quant (QNT), and Pi Coin (PI) all recorded 2% declines. Despite the volatility, the total global crypto market capitalization increased by $3.29 trillion over the past 24 hours. The Market Fear & Greed Index settled at 68, indicating cautious hope among investors.