$10 Billion+ in BTC and ETH Options Expiration Fails to Spark Breakout
On July 31, Bitcoin and Ether options worth $10.43 billion expired, with $9.6 billion in Bitcoin options and $830 million in Ether options. This marks a significant event for cryptocurrency investors as they navigated the expiring contracts.
The data showed that Bitcoin settled near its max pain level of $64,000, reflecting a concentration of open interest but no significant price breakout. Calls above $70,000 were mostly out of the money, indicating a lack of conviction among traders to push prices higher.
On the other hand, Ether options demonstrated more downside protection with a put-call ratio of 0.63 and settled near $1,891, above its max pain level of $1,850. This suggests that market participants were prioritizing risk management over aggressive price targets.