IBIT Options History — May 2025

In May 2025, IBIT traded between $53.70 and $63.25. ATM implied volatility averaged 44.3%, placing in the 8.0% IV rank vs the trailing year. The 30-day expected move averaged 12.7%. IV traded above realized volatility by 8.3% (HV 20d: 35.9%). Max pain ranged from $50.00 to $58.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 0.42.

Notable Days

2025-05-22: Highest Volume — 931,730 contracts
2025-05-29: Largest IV drop — 5.8% change
2025-05-28: Highest IV Rank — 16.5%
2025-05-22: Largest Expected Move — 14.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$58.70	$53.70	$63.25	$54.89	$59.36
Max Pain	$53.62	$50.00	$58.00	$50.00	$57.00
ATM IV	44.3%	41.8%	49.0%	42.9%	42.4%
Expected Move	12.7%	10.9%	14.0%	11.2%	11.9%
HV 20d	35.9%	28.1%	57.0%	57.0%	32.3%
HV 60d	53.4%	50.9%	55.4%	54.4%	51.0%
IV Rank	8.0%	2.3%	16.5%	16.5%	2.3%
IV Percentile	7.1%	1.6%	15.9%	15.9%	1.6%
Term Structure	0.7%	-0.1%	2.2%	2.2%	0.5%
VWIV	45.5%	40.3%	50.4%	40.6%	42.3%
Skew 25d	-1.7%	-3.2%	2.1%	-3.0%	2.1%
Skew 10d	-0.5%	-3.6%	5.4%	-2.8%	5.4%
Call IV 25d	45.9%	42.2%	51.6%	44.8%	42.2%
Put IV 25d	44.2%	40.9%	48.5%	41.8%	44.4%
Bid-Ask Spread %	3.28	2.11	4.28	2.95	2.75
Gamma HHI	0.11	0.06	0.48	0.08	0.08
Net GEX	157.8M	67.2M	396.5M	152.1M	67.2M
Net DEX	-5.49B	-7.79B	-3.47B	-4.43B	-4.55B
Net VEX	-23.6M	-28.1M	-19.9M	-20.4M	-26.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.42	0.26	0.66	0.45	0.49
Total Volume	471,894.381	205,415	931,730	507,606	575,642
Total OI	3,205,884.381	2,805,009	3,678,157	2,869,210	3,678,157

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-05-01	$54.89	$50.00	42.9%	11.2%	57.0%	0.0%	40.6%	-3.0%	2.2%	152.1M	-4.43B	-20.4M	0.45	2.95	350,457	157,149	1,938,677	930,533
2025-05-02	$55.09	$50.00	42.1%	10.9%	52.6%	0.0%	40.3%	-3.2%	1.5%	149.3M	-4.48B	-20.5M	0.35	2.11	313,388	110,997	1,993,485	1,005,309
2025-05-05	$53.70	$50.00	42.8%	13.1%	53.4%	0.0%	47.2%	-2.0%	1.4%	93.8M	-3.47B	-19.9M	0.51	3.66	169,061	86,881	1,926,627	950,763
2025-05-06	$54.11	$50.00	43.1%	13.1%	43.3%	0.0%	48.5%	-1.5%	1.4%	98.0M	-3.68B	-20.2M	0.28	3.50	203,623	57,929	1,955,775	987,092
2025-05-07	$54.83	$50.00	42.8%	12.9%	41.6%	0.0%	45.4%	-1.6%	0.9%	125.8M	-4.16B	-20.1M	0.50	4.28	157,275	78,057	1,982,087	1,009,758
2025-05-08	$57.55	$50.00	44.3%	13.2%	37.2%	0.0%	46.6%	-1.9%	0.9%	179.3M	-5.66B	-20.9M	0.36	3.84	558,190	199,803	2,003,274	1,033,178
2025-05-09	$58.61	$53.00	44.6%	13.2%	33.2%	0.0%	46.2%	-1.8%	0.8%	164.8M	-6.33B	-22.1M	0.37	3.52	365,468	134,772	2,154,203	1,104,700
2025-05-12	$57.73	$53.00	44.0%	12.8%	30.8%	0.0%	45.2%	-1.9%	0.4%	127.6M	-5.12B	-21.8M	0.39	3.46	271,304	106,476	2,053,349	1,040,720
2025-05-13	$59.69	$53.00	45.0%	13.0%	31.9%	0.0%	46.6%	-3.2%	0.1%	156.2M	-6.17B	-22.4M	0.44	3.76	253,827	112,136	2,104,243	1,070,370
2025-05-14	$58.83	$53.00	44.4%	12.9%	32.1%	0.0%	46.5%	-2.0%	0.6%	150.8M	-5.76B	-23.0M	0.38	3.10	148,810	56,605	2,198,225	1,096,259
2025-05-15	$58.61	$53.00	43.3%	12.6%	32.4%	0.0%	45.0%	-1.3%	0.5%	151.9M	-5.69B	-23.1M	0.28	3.20	293,264	81,398	2,247,605	1,114,771
2025-05-16	$59.05	$53.00	41.8%	12.2%	32.4%	0.0%	43.7%	-1.3%	1.0%	179.2M	-5.92B	-23.5M	0.43	3.91	325,905	139,024	2,288,670	1,124,874
2025-05-19	$59.97	$53.00	43.6%	12.5%	31.6%	0.0%	44.1%	-2.1%	0.6%	156.3M	-5.43B	-24.0M	0.40	3.08	388,016	155,045	1,972,865	832,144
2025-05-20	$60.66	$55.00	44.3%	12.7%	28.6%	0.0%	45.5%	-2.3%	1.1%	184.9M	-5.90B	-24.8M	0.53	3.22	242,485	128,280	2,098,149	928,811
2025-05-21	$61.48	$55.00	46.7%	13.4%	28.1%	0.0%	47.4%	-2.4%	-0.1%	200.3M	-6.57B	-25.9M	0.26	3.98	703,997	179,845	2,165,888	995,298
2025-05-22	$63.25	$57.00	49.0%	14.0%	29.0%	0.0%	50.4%	-3.1%	0.3%	216.1M	-7.79B	-26.8M	0.30	3.21	717,372	214,358	2,273,765	1,054,359
2025-05-23	$61.91	$58.00	47.6%	13.7%	30.7%	0.0%	48.1%	-2.6%	0.1%	396.5M	-6.69B	-28.1M	0.46	3.68	415,261	189,957	2,386,645	1,170,862
2025-05-27	$62.53	$58.00	45.9%	12.9%	30.5%	0.0%	46.1%	-1.9%	0.1%	145.9M	-6.72B	-27.8M	0.48	2.58	196,954	94,247	2,273,237	1,126,376
2025-05-28	$60.88	$58.00	45.7%	12.9%	32.8%	16.5%	46.4%	-0.2%	0.2%	117.2M	-5.70B	-27.2M	0.44	2.46	392,022	171,200	2,312,073	1,150,520
2025-05-29	$60.00	$57.00	43.0%	12.0%	32.8%	5.2%	43.3%	0.8%	0.3%	101.4M	-5.11B	-26.9M	0.66	2.63	249,053	164,249	2,349,259	1,240,617
2025-05-30	$59.36	$57.00	42.4%	11.9%	32.3%	2.3%	42.3%	2.1%	0.5%	67.2M	-4.55B	-26.9M	0.49	2.75	386,736	188,906	2,373,030	1,305,127