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Crypto Alert- $11.94B in BTC and $2.65B in ETH at Stake
Crypto Alert– Massive volatility could be on the horizon as $14.59 billion worth of Bitcoin and Ethereum options contracts expire today, marking the final Friday of July. Traders are closely watching price action as the crypto market faces a potential short-term shakeup.
Bitcoin Dominates With $11.94B in Options Set to Expire
According to Deribit data, Bitcoin options account for $11.94 billion of the total expiry, with open interest at 103,584 contracts. The Put-to-Call ratio stands at 0.93, suggesting cautious optimism — more calls than puts, but not by much.
Interestingly, the Max Pain level for Bitcoin is $112,000, meaning this is the price at which most option holders will suffer the greatest losses. With Bitcoin currently trading around $115,681, a pullback toward max pain is likely, increasing short-term downside pressure.
Ethereum Follows With $2.649B Expiry and Bullish Bias
Ethereum options, valued at $2.649 billion, show an even stronger bullish tilt, with a Put-to-Call ratio of 0.88. The max pain point is $2,900, while Ethereum trades at $3,634, also suggesting a potential retrace to hurt the most contracts.
Traders Stay Bearish Despite Bullish Momentum
Despite recent market strength, many traders are still holding onto put options. Analysts at Greeks.live suggest this cautious stance stems from broader macro concerns and high-profile moves, like SpaceX transferring $153 million in dormant Bitcoin.
What Comes Next?
This expiry is the largest since June’s $17B H1 expiry and is expected to test crypto’s near-term direction. With over $15 billion unwinding today, expect heightened volatility until the options expire at 8:00 UTC on Deribit — after which, markets may stabilize.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
