A total of $1.43 billion in notional value, BTC and ETH options expire today

Odaily Odaily reported that Greeks.live macro researcher Adam@Greeks.live posted on platform X, stating that options expiry data on 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 has been difficult, with the $80,000 to $65,000 range being a zone of dense trading from the rally earlier this year. He noted that the main thing is still to observe when funds will flow into the crypto space. U.S. stocks, SpaceX, continue to decline sharply, and the storage sector is experiencing significant volatility.

Looking at the main options data, 4% of options are expiring this week, with various expiry indicators remaining almost unchanged from last week. The market is oscillating with little volatility and limited trading opportunities, with overall IV falling back to the 35% level. BTC's GEX distribution is concentrated around $65,000 and $72,000, while ETH's GEX distribution is concentrated between $1,900 and $2,200, which is more dispersed compared to last week. In the past two weeks, more traders have started attempting to buy the dip using slightly out-of-the-money options.

This week, ETH's Put Call Ratio has fallen back to 1.29, but the proportion of put options has exceeded 1 for six consecutive weeks, the longest such streak on record. He stated that this indicates strong demand in the put options market, while traders who sell puts to buy the dip are also willing to participate. The cryptocurrency market has experienced an 8-month bear market with limited trading opportunities during this period. From a cyclical perspective, there should be some rebound in the second half of the year.