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.
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.
