$10.4 billion in Bitcoin and Ethereum options expire today, with max pain at $64k and a 0.28 put/call ratio favoring calls.
DeFi & Yields ·
On July 31, a combined 149,000 bitcoin and 435,000 ether options contracts expired, representing $9.6 billion and $830 million in notional value respectively. The bitcoin expiry was marked by a put-call ratio of 0.28, with the maximum strike set at $64,000, while the ether contracts carried a put-call ratio of 0.63 and topped out at $1,850 per token.
The put-call ratios on both assets indicate a stronger positioning of call options relative to puts, meaning traders held more bullish than bearish positions in the expired contracts. Bitcoin's notably lower put-call ratio of 0.28 versus ether's 0.63 suggests relatively more call dominance in the bitcoin cohort. The strike prices define the upper end of the range at which these options were written.
Whether the expiry influenced near-term price action or volatility, and how participants rolled positions into future contracts, remains unclear from the available data.