Expiry Snapshot: Heavy BTC and ETH Options Roll Off
According to data from Greeks.live, 31,000 BTC options expired on July 3 with a Put Call Ratio of 0.7, a max pain point at $61,000, and a notional value of $1.9 billion. In parallel, 135,000 ETH options expired with a Put Call Ratio of 1.29, a max pain level of $1,650, and a notional value of $230 million. The combined expiries accounted for over 8% of total open interest. Gamma exposure (GEX) was heavily concentrated around $60,000 for BTC and $1,700 for ETH, creating strong magnetic zones that constrained price action throughout the week.
Sentiment Shift: From Dominant Buyer to Dominant Seller
Bitcoin managed to reclaim the psychologically important $60,000 mark this week, yet the broader downtrend persists. Greeks.live highlights a critical development: selling pressure from MicroStrategy and spot ETFs has completely reshaped market consensus. These entities, once the market’s most aggressive accumulators, have now emerged as the largest sellers. In any financial market, such a reversal from the dominant buyer to the dominant seller is a textbook signal of accelerating bearish momentum. The structural bid that previously cushioned pullbacks is evaporating, making it harder for relief rallies to translate into sustained recoveries.
Ethereum’s Extreme PCR and a Cautious Q3 Outlook
The 1.29 Put Call Ratio on ETH options stands at an exceptionally high level, reflecting deep-seated fear of another leg down and a surge in hedging appetite. In the broader market, the crypto-native narrative remains thin. While tokenized equities have drawn some attention, the powerful rallies in AI and semiconductors have yet to spill over meaningfully into digital assets—and such a transmission is expected to take considerable time. Without fresh catalysts and with mainstream capital retreating, Greeks.live maintains a cautious-to-bearish outlook for the crypto market in the third quarter.