July 24 Options Expiry Data

19,000 BTC options are set to expire, with a Put Call Ratio of 0.89, max pain at $64,500, and a nominal value of $1.2 billion. 125,000 ETH options are set to expire, with a Put Call Ratio of 1.25, max pain at $1,875, and a nominal value of $230 million. Bitcoin briefly broke above $66K earlier this week, but the upward movement has been tough. The $80K-$65K price range was a high-volume trading zone during the rally earlier this year, so it’s normal to see some resistance here. The key is to watch when capital flows back into the crypto space. Meanwhile, U.S. stocks like SpaceX have been dropping sharply, and storage stocks are experiencing intense volatility. Since storage is a main theme in U.S. equities, any dip tends to attract buyers. Looking at the main options data, 4% of options are expiring this week, and the expiry metrics are almost unchanged from last week. Market volatility remains low, with limited trading opportunities, and overall IV has dropped back to the 35% range. BTC’s GEX distribution is concentrated at $65K and $72K, while ETH’s GEX distribution is spread between $1,900 and $2,200, showing more dispersion compared to last week. Over the past two weeks, many traders have started experimenting with shallow out-of-the-money options for bottom-fishing. This week, ETH’s Put Call Ratio has fallen to 1.29, but bearish options have accounted for more than 1 for six consecutive weeks—the longest streak on record. This indicates strong market demand for bearish options, while traders selling puts to bottom-fish are also actively participating. Crypto has been in a bear market for 8 months now, with very few trading opportunities during this period. From a cyclical perspective, we might see some rebounds in the second half of the year.