$1.2 billion BTC Options Expire, ETH Bearish Positions Stay at Elevated Levels for One Month

BlockBeats News, July 17th, Greeks.live reported that on July 17th, a total of 19,000 BTC options expired, with a Put Call Ratio (PCR) of 0.9. The max pain point was $63,000, with a notional value of approximately $12 billion. At the same time, 123,000 ETH options expired, with a PCR of 1.61. The max pain point was $1800, with a notional value of around $2.3 billion.

On the market side, BTC continued to hold above $60,000 this week, oscillating in the $60,000 to $65,000 range for over a month. The significant volatility in the US stock market, particularly in SpaceX and storage sectors, has not yet had a noticeable impact on the crypto market.

In terms of options open interest, this week saw about 5% of options expiring, leading to a slight decrease in overall open interest due to lower market volatility and reduced trading opportunities. BTC Gamma Exposure (GEX) is mainly concentrated around $64,000 and $70,000, while ETH GEX is focused in the $1825 to $2000 range, with a relatively dispersed distribution. Some traders have begun to explore a rebound through out-of-the-money call options.

Recent large bullish trades continue to rise, primarily focused on buying short-term bullish spread strategies.

Of note, the ETH Put Call Ratio has remained above 1 for a month, reaching 1.61 this week. The proportion of bearish option holdings remains at a high level, indicating a significant market divergence on ETH's future direction and intensifying the bull-bear game.