A fresh options expiry is putting Bitcoin and Ether derivatives in focus. Greeks.live said 19,000 BTC options expired on July 17 with a put-call ratio of 0.9, a max pain point at $63,000, and a notional value of about $1.2 billion. At the same time, 123,000 ETH options expired, carrying a put-call ratio of 1.61, a max pain point at $1,800, and roughly $230 million in notional value.
The firm said BTC has continued to trade above $60,000 this week and has remained range-bound between $60,000 and $65,000 for more than a month. Sharp swings in SpaceX-related U.S. equities and storage stocks have not had a clear effect on the crypto market so far. Greeks.live also noted that around 5% of options expired this week, while overall open interest declined as subdued volatility reduced trading opportunities.
In positioning, BTC gamma exposure is concentrated near $64,000 and $70,000. ETH gamma exposure sits mainly between $1,825 and $2,000 and is more scattered. The firm added that some traders have started using slightly out-of-the-money options to position for a rebound, while block bullish trades have continued to rise, mainly through short-dated bull call spreads. ETH’s put-call ratio has now stayed above 1 for a month, pointing to persistent disagreement over its next move.
Greeks.live said on July 17 that 19,000 BTC options expired that day, with a put-call ratio of 0.9, a max pain point at $63,000, and notional value of about $1.2 billion.
At the same time, 123,000 ETH options expired. Their put-call ratio reached 1.61, the max pain point stood at $1,800, and notional value came to about $230 million.
Bitcoin holds above $60,000
On the market side, BTC has continued to trade above $60,000 this week. Greeks.live said the token has stayed in a $60,000 to $65,000 range for more than a month. Large swings in SpaceX-related U.S. equities and storage stocks have not produced a clear impact on crypto so far.
About 5% of options expired this week
Looking at derivatives positioning, Greeks.live said about 5% of options expired this week and total open interest moved lower. The firm linked that decline to subdued volatility and fewer trading opportunities.
BTC gamma exposure is concentrated mainly around $64,000 and $70,000. ETH gamma exposure is centered between $1,825 and $2,000, with a more scattered distribution.
ETH bearish positioning stays high
Greeks.live also said some traders have started to use slightly out-of-the-money options to position for a rebound. Recent block bullish trades have continued to take a larger share, mainly through purchases of short-dated bull call spreads.
ETH’s put-call ratio has remained above 1 for a month and reached 1.61 this week. According to Greeks.live, the share of bearish options positioning has stayed elevated, showing clear disagreement in the market over ETH’s next move and an intensifying tug-of-war between bulls and bears.
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