4 days ago
6
Bitcoin and Ethereum options worth about $1.43 billion expired on July 17 as crypto markets remained within established trading ranges.
Summary
- Bitcoin options worth $1.2 billion expired as BTC remained inside its month-long trading range Friday.
- Ethereum’s 1.61 put-call ratio showed persistent demand for puts as traders remained sharply divided Friday.
- Greeks.live said bullish block trades increased, while overall options activity stayed muted amid low volatility.
According to Greeks.live data, 19,000 Bitcoin options worth $1.2 billion expired with a put-call ratio of 0.9 and a maximum pain point of $63,000.
Meanwhile, 123,000 Ethereum options worth $230 million expired with a put-call ratio of 1.61. The maximum pain level stood at $1,800. The elevated ratio showed that put positions continued to outweigh calls, extending a trend that Greeks.live said has lasted for about a month.
Bitcoin remained above $60,000 during the week and has traded mainly between $60,000 and $65,000 for more than a month. Despite sharp moves in parts of the U.S. stock market, crypto volatility remained relatively subdued. The latest weekly expiry represented only about 5% of outstanding options, while open interest declined slightly amid fewer short-term trading opportunities.
Ethereum options show deeper divide as Bitcoin volatility stays low
Greeks.live said Bitcoin gamma exposure remained concentrated around the $64,000 and $70,000 strikes. Ethereum’s exposure was more widely spread between $1,825 and $2,000 as some traders used shallow out-of-the-money options to position for a possible rebound. The firm also said large bullish trades increased, led mainly by short-term bull spreads.
However, Ethereum’s put-call ratio continued to show strong demand for downside positions. “The proportion of put options has exceeded 1 for a consecutive month and continues to rise,” Greeks.live said, describing the current positioning as unusually divided between bullish and bearish traders.
July 17 Options Data
19,000 BTC options expired, with a put-call ratio of 0.9, a maximum pain point of $63,000, and a notional value of $1.2 billion.
123,000 ETH options expired, with a put-call ratio of 1.61, a maximum pain point of $1,800, and a notional value of $230 million.… pic.twitter.com/nlzAux4vBa
The latest expiry follows several weeks of cautious derivatives positioning. As previously reported by crypto.news, Bitcoin and Ethereum options worth about $1.75 billion expired on July 10, with Bitcoin’s maximum pain level at $62,000 and Ethereum’s put-call ratio at 1.26.
A week earlier, $1.9 billion in Bitcoin options expired while traders continued to watch the $60,000 area. Ethereum already showed heavier demand for downside protection at that time, with its put-call ratio standing at 1.29.
The July 17 expiry was smaller than major monthly and quarterly settlements, reducing the likelihood that the event alone would drive a large spot-market move. Still, Bitcoin traded close to its $63,000 maximum pain level, while Ethereum’s growing put exposure showed that traders remained divided over its near-term direction.
Greeks.live said overall market activity remained subdued despite the increase in bullish block trades. With Bitcoin still locked inside its month-long range, traders continue to watch the $64,000 and $70,000 options concentrations for signs of the next broader move.
English (US) · 