Bitcoin faces the biggest pain point of $62,000, with $1.75 billion in crypto options expiring today

Bitcoin and Ethereum options worth approximately $1.75 billion expire on July 10, and traders remain cautious about the crypto market.

Summary: Bitcoin options worth $1.5 billion expire, and traders focus on the key $62,000 biggest pain point. Ethereum\'s bearish and bullish ratio is 1.26, reflecting the unusually high demand for downside protection during this week\'s expiration. Institutional traders sold short-term call options, indicating limited confidence in a continued rebound in the crypto market.

According to data shared by Greeks.live, approximately 23,000 Bitcoin options have expired with a nominal value of US$1.5 billion. These contracts have a bearish and call ratio of 0.97 and a maximum pain point of $62,000. At the same time, 140,000 Ethereum options expired with a nominal value of $250 million. The ETH contract has a bearish call ratio of 1.26 and a maximum pain point of $1700.

Bitcoin options traders limit short-term upside

Bitcoin stayed above $60,000 for most of the week and briefly touched $64,000 in Asian trading on Friday. Prices have since remained near the resistance zone of $64,000 to $64,500. This weekly expiration accounts for about 7% of the total open options and is smaller than recent monthly and quarterly settlements, so these contracts themselves are unlikely to trigger long-term fluctuations in the spot market.

Bitcoin\'s gamma exposure is concentrated around $64,000. A large number of call options also accumulate around this level, which may affect market makers \'hedging operations when the price crosses the strike price. However, Greeks.live said trading in large call options increased this week as traders sold short-term call options slightly above market prices. This strategy can generate benefits when traders expect asset prices to remain flat or cannot rise above the selected strike price. The activity shows that institutional traders have doubts about Bitcoin\'s short-term upward momentum. Despite this, a bearish and bullish ratio of 0.97 shows that the total amount of bearish and bullish in expiring contracts is basically balanced.

Option skew still leans downward

In a separate options market update, Greeks.live said Bitcoin\'s 25-delta skew has stabilized after undergoing a significant re-pricing in June. The one-day, seven-day and one-month readings were-6.4%,-6.7% and-7% respectively. Negative skew means that traders pay more for downside protection than for similar bullish positions. \"Put options remain at a premium to call options over all major expiration periods,\" the company said. But added that the premium size became more uniform across contract periods. Data shows that defensive demand is no longer concentrated only on contracts approaching expiration, and medium-term options also account for a larger share of the downside premium. Greeks.live described the situation as a \"more normal term structure\" but said there was still \"continued downward skew\" in option pricing. The statement reflects current positions and does not guarantee that Bitcoin will fall. The July 3 expiration also showed the need for short-term downside protection, which involved $1.9 billion in BTC options, with a maximum pain point of $61,000.

Ethereum puts remain abnormally high

Ethereum\'s put and call ratio reaches 1.26, which means that there are more put options on contracts expiring this week than calls. The ratio is at a high for the second consecutive week, having a previous expiration of 1.29. Greeks.live attributed most of this activity to defensive positions with strike prices below $1500. As expiration approaches, these puts are deep out of the price, but suggest some traders have hedged against a larger decline in ETH. Ethereum\'s gamma exposure is concentrated around $1750, and call options can also be accumulated around this level. However, during parts of the settlement period, ETH remained below the maximum pain zone of $1700. Ethereum traders showed stronger bearish demand when they expired on July 3, after a previous batch of contracts included 135,000 ETH contracts with a bearish call ratio of 1.29 and a maximum pain point of $1650.

Broader markets keep crypto activity sluggish

Before this option expiration, crypto and traditional markets experienced a week of mixed price movements. U.S. and South Korean stock markets also faced corrections, as traders simultaneously assessed interest rate policy and geopolitical risks. According to reports, Bitcoin recently fell below the US$64,000 mark after the Fed\'s hawkish decision. Changes in interest rate expectations have reduced demand for multiple risky assets. Despite the small weekly maturity, open interest is still large. Open interest in bitcoin options on exchanges is close to US$28.7 billion, and open interest in Ethereum options is approximately US$4.4 billion.