【July 10 Options Expiry Data】

23,000 BTC options expired, with a Put Call Ratio of 0.97, a maximum pain point of $62,000, and a notional value of $1.5 billion.
140,000 ETH options expired, with a Put Call Ratio of 1.26, a maximum pain point of $1,700, and a notional value of $250 million.
Bitcoin has remained range-bound above 60K this week. The market has been quite calm. From the main options data, 7% of options expire this week. The GEX distribution for BTC and ETH is concentrated at 64K and 1,750 respectively, showing a clear buildup in bullish positions. The share of large-scale bullish trades has increased notably this week, mainly dominated by selling short-term slightly out-of-the-money call options. Institutions are largely consistent in their view that the market lacks upside momentum.
This week, ETH’s Put Call Ratio is still as high as 1.26. The proportion of put options has stayed at an extremely high level for two consecutive weeks, which is a relatively abnormal phenomenon. In terms of options distribution, this is mainly because protection from deep out-of-the-money puts below $1,500 has expired and failed to roll over.
Recently, U.S. stocks and Korean stocks have also been pulling back. Overall, the market has been relatively quiet, mostly in observation mode, waiting for changes.