Bitcoin News Today: Bitcoin Near Max Pain Level as $15.45B Deribit Options Expire, Boosting Volatility

Generated by AI AgentCoin World
Friday, Jul 25, 2025 3:34 am ET2min read
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Aime RobotAime Summary

- Deribit’s $15.45B BTC/ETH options expiry on July 25, 2025, intensified market volatility, with BTC near its max pain level of $112,000.

- A 0.88 BTC put/call ratio signaled moderate bullish sentiment, but $152M in long liquidations and short-position accumulation near $119,000 suggested short-term downside risks.

- Whale activity, including Galaxy Digital’s $1.39B BTC deposit to exchanges, added uncertainty, with ongoing spot selling complicating expiry dynamics.

- ETH’s rising market dominance (11.4%) contrasted with BTC’s 59.6% share, though long-term bullish fundamentals for BTC remained intact despite near-term volatility.

The monthly options expiry for

Bitcoin
(BTC) and
Ethereum
(ETH) on Deribit has intensified market volatility, with BTC trading near its maximum pain level of $112,000 as of July 25, 2025. The notional value of expiring options reached $15.45 billion, slightly below June’s $17 billion, but remains significant given the crypto market’s resilience against summer slumps [1]. BTC options alone accounted for $12.66 billion in notional value, while ETH faced a $2.75 billion expiry event [2]. Deribit reported a put/call ratio of 0.88 for BTC and 0.87 for ETH, signaling a moderately bullish sentiment despite heightened liquidity pressures [3].

Price action suggests potential short-term downward pressure. BTC’s proximity to its maximum pain price, coupled with $152.04 million in long liquidations over the past 24 hours, highlights the risk of further declines to the $114,000 range [4]. Accumulation of short positions in BTC near $119,000 could trigger countertrend movements, though long-term bullish fundamentals remain intact [5]. ETH, trading at $2,800, faces similar risks, with $152.13 million in long liquidations recorded in the same period [6].

Open interest data underscores the scale of the event. Deribit’s quarterly open interest has surged to $37 billion, exceeding the $35 billion level seen at Q2’s expiry [7]. Despite this, BTC’s volatility index stands at 1.27%, an all-time low, with fluctuations constrained between key levels [8]. The token’s greed/fear index at 67 indicates continued speculative activity, though short-term volatility remains a factor [9].

Whale activity has added to price uncertainty.

Galaxy Digital
, a major intermediary for institutional and retail traders, deposited 11,910 BTC ($1.39 billion) to multiple exchanges, likely stemming from a large whale wallet that moved 80,202 BTC ($9.54 billion) in late July [10]. Additional transfers to Bybit and Bitstamp suggest ongoing spot selling, complicating the expiry dynamics [11].

Historical patterns suggest the end-of-month period offers favorable entry points for BTC, despite near-term volatility [12]. However, the interplay between options expiry, open interest, and whale-driven sales could delay a breakout into new price ranges. ETH’s market dominance has risen to 11.4%, reflecting a shift in trader focus, while BTC’s dominance has fallen to 59.6% [13].

The expiry event highlights the crypto market’s evolving complexity. While liquidity and volatility have not yet reached June’s levels, the combination of large notional values, whale activity, and speculative positioning underscores the need for caution. Market participants will closely monitor post-expiry price action to gauge the sustainability of current trends.

Sources:

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[title1] https://coinmarketcap.com/community/articles/68833019d9d19935252eccdd/

[title2] https://coinmarketcap.com/community/articles/68833019d9d19935252eccdd/

[title3] https://coinmarketcap.com/community/articles/68833019d9d19935252eccdd/

[title4] https://coinmarketcap.com/community/articles/68833019d9d19935252eccdd/

[title5] https://coinmarketcap.com/community/articles/68833019d9d19935252eccdd/

[title6] https://coinmarketcap.com/community/articles/68833019d9d19935252eccdd/

[title7] https://coinmarketcap.com/community/articles/68833019d9d19935252eccdd/

[title8] https://coinmarketcap.com/community/articles/68833019d9d19935252eccdd/

[title9] https://coinmarketcap.com/community/articles/68833019d9d19935252eccdd/

[title10] https://coinmarketcap.com/community/articles/68833019d9d19935252eccdd/

[title11] https://coinmarketcap.com/community/articles/68833019d9d19935252eccdd/

[title12] https://coinmarketcap.com/community/articles/68833019d9d19935252eccdd/

[title13] https://coinmarketcap.com/community/articles/68833019d9d19935252eccdd/