$1.43B in Bitcoin and Ethereum Options Expire: Will Traders Brace for the Next Move?

• Around 19,000 BTC options worth $1.2B expired.
• 123,000 ETH options worth $230M expired.

The July 17 options expiry came with 19,000 BTC contracts expired with a notional value of $1.2 billion, a put-call ratio of 0.9, and a maximum pain point sitting at $63,000. On the ETH side, 123,000 contracts expired at $230 million notional, with a put-call ratio of 1.61 and a max pain point of $1,800.

Bitcoin has been rangebound between $60,000 and $65,000 for over a month. U.S. stock volatility, particularly in SpaceX and the storage sector, has not made a dent. In addition, only 5% of total options expired this week, and open interest dipped slightly. 

BTC’s gamma exposure is concentrated around $64K and $70K, suggesting those are the levels market makers are watching most closely. ETH’s GEX is more spread out between $1,825 and $2,000. Traders are bottom-fishing with shallow out-of-the-money options, small bets, cautious positioning, and no real conviction in either direction yet.

ETH’s put-call ratio hitting 1.61 is not typical. Put positions have exceeded 1 for a full consecutive month and keep climbing. That level of bearish hedging reflects market divergence, with both bullish and bearish forces contesting, and neither side has established definitive control. Moreover, the U.S. and South Korean equities are correcting. The broader market sentiment is subdued. 

Analysing Short-Term Trajectories: Where Are BTC and ETH Heading Next?

The dominant asset, Bitcoin, is trading at $62,777 after slipping 3.23% over the last 24 hours. With the current trading pattern, the immediate support might be found at $62,631. A continued loss would deepen the bearish correction, and the price might retrace below $62.5K. 

If BTC recovers from the downside, the key resistance could be at around $62,859. Assuming the bulls strengthened, the price would have been pushed through the $62.9K mark. 

Looking at the largest altcoin, Ethereum, it has lost over 5.05%, hovering at around $1,825. As the bears are dominant on the chart, the price might plunge to the support range at $1,782. Any further correction on the downside happens, the asset’s price would fall below $1.7K. 

On the flip side, if the momentum of ETH turns positive, the price could climb through the $1,867 zone. With the bulls gaining more traction, the next resistance level sits above $1.9K. 

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