Bitcoin and Ethereum options expiry: muted impact, mixed sentiment

Over $2 billion in Bitcoin and Ethereum options expired July 3. Bitcoin sentiment was slightly bullish, Ethereum more defensive. Despite the size, market impact was muted and downside fears lingered.

On July 3, around 31,000 Bitcoin options contracts worth $1.9 billion and 135,000 Ethereum options contracts worth $230 million expired. The Bitcoin options had a put-call ratio of 0.7 and a max pain point near $61,000, close to spot prices, suggesting a slightly bullish market or a focus on upside exposure. In contrast, Ethereum options showed a put-call ratio of 1.29 and a max pain at $1,650, indicating more defensive or bearish sentiment. Despite the large notional value, this expiry was smaller than the previous week’s quarter-end event and was not expected to trigger significant spot market volatility. Open interest for Bitcoin options remained highest at the $80,000 strike, while overall open interest across exchanges dropped to a 16-month low. Options market data revealed persistent downside concerns, with puts trading at a premium to calls for both Bitcoin and Ether. Large block trades favored range-bound strategies, and market attention has shifted toward U.S. equities and tokenization themes, keeping crypto sentiment cautious.