23,000 BTC and 140,000 ETH options expired on July 10 with notional value of $1.75B combined.
DeFi & Yields ·
On July 10, options expiration occurred across both major cryptocurrencies: 23,000 BTC contracts with a notional value of $1.5 billion and 140,000 ETH contracts worth $250 million expired. The BTC options displayed a put-call ratio of 0.97 against a maximum pain level of $62,000, while ETH options showed a 1.26 put-call ratio with a $1,700 max pain point.
Put-call ratios measure the volume of protective puts relative to call options, with a ratio below 1.0 indicating more bullish positioning and above 1.0 suggesting greater hedging or bearish sentiment. The BTC expiration's sub-1.0 ratio contrasted with the ETH options' elevated ratio, reflecting differing sentiment structures between the two assets at the time of expiration.
Max pain represents the price point at expiration where the largest aggregate loss occurs across all option positions. Whether price movement toward or away from these levels influenced broader market behavior on that date remains unclear.