Bitcoin bears dominate Friday’s $2.1B BTC options expiry with a $585M lead

[Fawpac2]

A total of 53,400 Bitcoin (BTC) options are set to expiry on Friday, May 28. At first sight, bulls appear to lead as the $2.1 billion open interest call (buy) to put (sell) options ratio stands at 1.32, favoring the neutral-to-bullish derivatives.
However, after Bitcoin dropped 33% in May, the right to acquire BTC at $46,000 and above is essentially worthless since there are less than 38 hours left before expiry.
On May 20, Cointelegraph reported that "May 28 will be no different with $1.95 billion open interest. While it seems premature to call it, bears will likely continue to pressure markets considering there are almost no call options at $38,000 or lower for next week."
After a brief retrace above $42,000 on May 20, Bitcoin entered another correction after a government statement from China revealed plans to "crackdown on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risk."
On May 23, the Huobi exchange reportedly suspended futures trading in mainland China causing further havoc and pushing Bitcoin below $32,000. Source