- 37K BTC options set to expire with a $4.3B notional value.
- ETH options worth $710M expiring at a $2,600 max pain point.
- Put-Call Ratios suggest neutral to slightly bearish sentiment.
The crypto derivatives market is bracing for a significant options expiry on July 11, with both Bitcoin (BTC) and Ethereum (ETH) showing signs of potential volatility. A total of 37,000 BTC options are set to expire, alongside 240,000 ETH options, marking a major moment that could sway short-term price trends for both leading digital assets.
These figures are not just numbers — they provide insights into trader sentiment, price expectations, and market positioning.
BTC Options Suggest Mixed Sentiment
The 37,000 BTC options set to expire carry a notional value of $4.3 billion, indicating massive interest from traders. The Put-Call Ratio (PCR) stands at 1.05, slightly favoring puts, which shows a mildly bearish tilt among investors. However, the Maxpain point — the price level at which most options expire worthless — is at a surprising $108,000. This is far above BTC’s current trading range, suggesting that most open interest may be concentrated in far out-of-the-money calls.
The combination of high PCR and an unusually high Maxpain point signals uncertainty. Traders are positioning on both sides, expecting a move but not confident on the direction.
ETH Options Reflect Similar Trends
Ethereum options show similar characteristics. With 240,000 contracts expiring, valued at $710 million, the Put-Call Ratio stands at 1.11. Again, this indicates a slight bearish leaning, but not overwhelmingly so. The Maxpain point for ETH is $2,600 — much closer to its current price, suggesting traders expect it to remain range-bound in the short term.
This setup points to a market on edge, with traders hedging both upward and downward risks as volatility remains a constant.
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