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BTC 
ETH Bitcoin and Ethereum options expire: The market remained volatile in range, and long-short differences intensified
On July 17, Bitcoin and Ethereum options worth approximately US$1.43 billion expired, while the cryptocurrency market as a whole remained within the established trading range.
Summary
$1.2 billion worth of Bitcoin options expired as Bitcoin prices remained within its monthly trading range on Friday. Ethereum's bear-to-call ratio of 1.61 showed continued demand for put options and the divisions among traders remained significant on Friday. Greeks.live said bulk trading in call options has increased, but overall options activity remains sluggish in a low-volatility environment.
Overview of Option Expiration Data
According to data from Greeks.live, 19,000 Bitcoin options have expired with a nominal value of US$1.2 billion, a bear-call ratio of 0.9, and a maximum pain point of US$63,000. At the same time, 123,000 Ethereum options expired with a nominal value of $230 million, a bear-call ratio of 1.61 and a maximum pain point of $1,800. This higher ratio suggests that put options continue to exceed call options, continuing what Greeks.live says has lasted for about a month.
Market Background: Low Volatility and Range Trading
Bitcoin remained above $60,000 this week and was mainly traded between $60,000 and $65,000 for more than a month. Although some sectors of the U.S. stock market experienced sharp fluctuations, the volatility of cryptocurrencies remained relatively low. The most recent expiration accounted for only about 5% of open interest, which fell slightly as short-term trading opportunities decreased.
Ethereum options show deeper divisions, Bitcoin volatility remains low
Greeks.live said that Bitcoin's gamma exposure remains concentrated around the strike prices of $64,000 and $70,000. Ethereum's exposure is more widely spread between $1,825 and $2,000, with some traders using shallow imaginary options to plan for a possible rally. The company also said there was an increase in large bullish trading, mainly dominated by short-term bullish spread strategies. However, Ethereum's bear-call ratio continues to show strong demand for downside positions. "The ratio of put options has exceeded 1 for a month in a row and continues to rise," Greeks.live said. They describe the current position as an unusually divided situation between long and short traders.
Review of recent expiration events
The latest expiration comes amid weeks of caution in derivatives market positions. The previous week, approximately $1.75 billion worth of Bitcoin and Ethereum options expired on July 10, when Bitcoin's maximum pain point was $62,000 and Ethereum's bear-call ratio was 1.26. The week before,$1.9 billion worth of bitcoin options expired, and traders continued to focus on the $60,000 area. Ethereum had already shown a stronger need for downside protection by then, with a bear-to-call ratio of 1.29.
Market Impact and Outlook
The maturity size on July 17 is smaller than that of major monthly or quarterly settlements, reducing the possibility of the event itself triggering large-scale spot market volatility. Still, Bitcoin is trading close to its maximum pain point of $63,000, and Ethereum's growing exposure to put options suggests traders remain divided on its short-term direction. Greeks.live said overall market activity remained sluggish despite the increase in bullish block transactions. As Bitcoin remains locked in its monthly trading range, traders continue to focus on the two options concentration areas of $64,000 and $70,000 for signs of the next big market coming.
