Crypto Market Braces for July 11 Options Expiry with $4.3 Billion in BTC Contracts

The crypto derivatives market is preparing for a significant options expiry on July 11, with both Bitcoin (BTC) and Ethereum (ETH) showing signs of potential volatility. A total of 37,000 BTC options are set to expire, alongside 240,000 ETH options, marking a major moment that could sway short-term price trends for both leading digital assets.

These figures are not just numbers — they provide insights into trader sentiment, price expectations, and market positioning. The 37,000 BTC options set to expire carry a notional value of $4.3 billion, indicating massive interest from traders. The Put-Call Ratio (PCR) stands at 1.05, slightly favoring puts, which shows a mildly bearish tilt among investors. However, the Maxpain point — the price level at which most options expire worthless — is at a surprising $108,000. This is far above BTC’s current trading range, suggesting that most open interest may be concentrated in far out-of-the-money calls.

The combination of high PCR and an unusually high Maxpain point signals uncertainty. Traders are positioning on both sides, expecting a move but not confident on the direction. Ethereum options show similar characteristics. With 240,000 contracts expiring, valued at $710 million, the Put-Call Ratio stands at 1.11. Again, this indicates a slight bearish leaning, but not overwhelmingly so. The Maxpain point for ETH is $2,600 — much closer to its current price, suggesting traders expect it to remain range-bound in the short term.

This setup points to a market on edge, with traders hedging both upward and downward risks as volatility remains a constant. The upcoming expiry of Bitcoin (BTC) and Ethereum (ETH) options has sparked market uncertainty, with a significant number of options contracts set to expire. For Bitcoin, 37,000 options with a notional value of $4.3 billion are due to expire, indicating a Put Call Ratio of 1.05. This ratio suggests a slightly bearish sentiment among traders, as there are more put options than call options. The expiry of these options could lead to increased volatility in the market, as traders adjust their positions in response to the potential impact on prices.

Despite the recent surge, there are concerns about the sustainability of the rally. Macroeconomic uncertainties, including Federal Reserve rate decisions, inflation concerns, and broader economic conditions, could dampen investor sentiment and liquidity. The upcoming options expiry could exacerbate these uncertainties, as traders adjust their positions in response to the potential impact on prices. The market is still showing greed sentiment, with high-profile bearish whales being liquidated. This could lead to increased volatility in the coming days, as traders react to the expiry of options contracts and the potential impact on prices.