A large crypto options expiry on May 15 involved contracts worth roughly $2.6 billion and coincided with widespread market liquidations. Existing coverage from Greeks.live said 25,000 Bitcoin options and 274,000 Ethereum options were set to expire with a combined notional value of $2.62 billion, alongside Bitcoin max pain at $80,000, Ethereum max pain at $2,300, and implied volatility near 35% for Bitcoin and 50% for Ethereum. New input adds that, according to Deribit data, the May 15 settlement also included XRP and Solana options and that the expiry was associated with broader liquidation activity across the market.