Total Notional Value Reaches $1.43 Billion as BTC and ETH Options Expire Today

Odaily reported that Greeks.live macro researcher Adam@Greeks.live posted on platform X that options expiration data for July 24 shows 19,000 BTC options expiring, with a Put Call Ratio of 0.89, a max pain point of $64,500, and a notional value of $1.2 billion; and 125,000 ETH options expiring, with a Put Call Ratio of 1.25, a max pain point of $1,875, and a notional value of $230 million.

Bitcoin briefly broke through $66,000 this week, but the upward process was challenging. The $80,000 to $65,000 range represents a high-volume cluster from the beginning of the year's rally. He noted that the key remains to observe when capital will flow into the crypto space. U.S. stock SpaceX continues to decline significantly, while the storage sector is experiencing sharp fluctuations.

Looking at the main options data, 4% of options are expiring this week, with various expiration indicators showing little change from last week. The market is oscillating with little volatility, offering fewer trading opportunities, and overall IV has fallen to around 35%. BTC's GEX distribution is concentrated around $65,000 and $72,000, while ETH’s GEX distribution is centered between $1,900 and $2,200. The distribution is more dispersed than last week, with more traders starting to attempt bottom-fishing using slightly out-of-the-money options over the past two weeks.

This week, ETH's Put Call Ratio fell back to 1.29, but the proportion of put options has exceeded 1 for six consecutive weeks, the longest such streak on record. He noted that this indicates strong demand in the put options market while also attracting traders willing to sell puts for bottom-fishing. Cryptocurrency has experienced an eight-month bear market with fewer trading opportunities during this period. From a cyclical perspective, there should be some rebound in the second half of the year.