With $1.35 billion worth of Bitcoin options set to expire on May 10, the cryptocurrency market remains volatile. Despite some market participants blaming weekly options expirations for the recent decline, the analysis shows bears did not set any trap or anticipate Bitcoin's failure to maintain $65,000 on May 6. 🐻

Even if Bitcoin remained above $65,000, that would not necessarily mean the bears would ultimately come out ahead. The bears' best-case scenario requires a Bitcoin price below $61,000 to provide a $100 million lead. There is no indication that Bitcoin bears have made additional bets using BTC options to capitalize on the price drop ahead of the May 10 expiration.