Roughly 149,000 Bitcoin options contracts worth about $9.57 billion expire on Friday, a much larger event than usual because it falls at month-end, as broader crypto markets have shed around $25 billion this week. Max pain sits near $64,000, and combined Bitcoin and Ethereum expiries carry a total notional value of about $10.4 billion.
Roughly 149,000 Bitcoin options contracts are set to expire on Friday, July 31, carrying a notional value of roughly $9.57 billion. The event is larger than usual because it falls at the end of the month, and it may induce spot market volatility.
Crypto markets have retreated slightly this week, with around $25 billion leaving the space. That followed the Fed's decision to leave interest rates unchanged and the resumption of military action between the US and Iran.
Options Skew Toward Calls, Max Pain Near $64,000
This week's Bitcoin options carry a put/call ratio of 0.28, meaning far more call contracts are expiring than puts. Max pain sits near $64,000, close enough to current spot prices that many contracts should finish in the money at expiry.
Open interest remains highest at Deribit's $70,000 and $72,000 strikes, with $2.4 billion at each. Short sellers, meanwhile, hold $1.3 billion in open interest at the $60,000 strike. Total Bitcoin options open interest across all exchanges has climbed to $34.7 billion, according to Coinglass.
According to Deribit: "one of the best days to trade short-dated options"
Ether's Smaller Expiry Adds to the Total
Alongside Bitcoin, about 433,000 Ethereum options contracts are expiring, with a notional value of $825 million. Their max pain sits near $1,800, with a put/call ratio of 0.59. Total Ether options open interest across all exchanges is comparatively small, at around $5.4 billion.
Combined, Friday's Bitcoin and Ethereum expiries carry a total notional value of about $10.4 billion.
Market Cap Ticks Up After a Week of Losses
Crypto markets ticked up slightly Friday morning. Total market capitalization tapped $2.3 trillion again, capping a week of slow losses.
Source: CryptoPotato
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