$1.2 billion BTC options expired, and ETH put positions have remained at a high level for a consecutive month

BlockBeats, July 17—Greeks.live said in a post that on July 17 there were 19k BTC options expiring, with a Put Call Ratio (PCR) of 0.9. The largest pain point was $63k, with a notional value of about $1.2 billion. Meanwhile, 123k ETH options were due to expire, with the PCR reaching 1.61; the largest pain point was $1,800, with a notional value of about $230 million.

In the market, BTC this week continued to trade above $60k in a range-bound pattern, with fluctuations between $60,000 and $65,000 lasting for more than a month. Large swings in U.S. stocks, including SpaceX and the storage sector, have not yet had a clear impact on the crypto market.

From the options open-interest perspective, about 5% of options expire this week. Total open interest has declined overall, mainly because market volatility is lower and trading opportunities have decreased. BTC Gamma Exposure (GEX) is mainly concentrated around $64k and $70k. ETH GEX is mainly concentrated in the $1,825 to $2,000 range; it is relatively more spread out, and some traders have begun trying to set up a rebound using slightly out-of-the-money options.

In recent days, the share of large-block bullish trades has continued to rise, mainly focused on buying short-dated bull call spread strategies.

Notably, the ETH Put Call Ratio has been above 1 for a month in a row. This week it reached 1.61. The proportion of put option open interest has remained at a relatively high level, indicating a clear split in the market outlook for ETH, with the long-versus-short battle intensifying.