$1.2 Billion in Bitcoin Options Expire on July 17 as Ethereum Puts Lead for a Month

About $1.2 billion of Bitcoin options are due to expire on July 17, while bearish positioning in the Ethereum options market has outweighed bullish bets for a month.

Crypto media outlet BlockBeats reported on July 17, citing Greeks.live, that 19,000 Bitcoin options contracts were set to expire that day. The put-call ratio was 0.9, the max pain price was $63,000 and notional value was about $1.2 billion.

The put-call ratio measures the balance between put and call options. A higher put share generally indicates that more traders are positioning for downside protection. The max pain price is the level at which options buyers suffer the greatest losses, making it a key reference point around expiry.

A total of 123,000 Ethereum options contracts are also due to expire. Its put-call ratio was 1.61, higher than Bitcoin's, while the max pain price was $1,800 and notional value was about $230 million.

Greeks.live said Bitcoin continued to trade above $60,000 this week. It has moved in a $60,000 to $65,000 range for more than a month. Volatility climbed in SpaceX-related stocks and the memory-chip sector in U.S. equities, but the effect on crypto markets was limited.

By options positioning, about 5% of total options are set to expire this week. Overall open interest also declined as market volatility eased and trading opportunities narrowed.

Gamma exposure in Bitcoin options is concentrated mainly around $64,000 and $70,000. Ethereum's exposure is distributed more broadly across the $1,825 to $2,000 range, and some investors have started using shallow out-of-the-money options to bet on a rebound.

Large call-option trades have also continued to make up a sizable share of activity. Buying of short-dated bullish spread strategies has accounted for most recent trading, Greeks.live said.

Caution remains in the Ethereum options market. "Ethereum's put-call ratio has stayed above 1 for a month and rose to 1.61 this week," Greeks.live said. "With the share of put options remaining elevated, market divisions over Ethereum's next move and the contest between long and short positions are intensifying."