BlockBeats report: On July 17, Greeks.live reported that 19,000 BTC options expired, with a Put/Call Ratio (PCR) of 0.9, a maximum pain point at $63,000, and a notional value of approximately $1.2 billion. Additionally, 123,000 ETH options expired, with a PCR of 1.61, a maximum pain point at $1,800, and a notional value of approximately $230 million.
On the market front, BTC has continued to trade above $60,000 this week, with price consolidation between $60,000 and $65,000 lasting over a month. Significant volatility in U.S. equities, including SpaceX and the storage sector, has not yet had a noticeable impact on the crypto market.
Looking at options open interest, approximately 5% of options expired this week, with overall open interest declining due to lower market volatility and fewer trading opportunities. BTC Gamma Exposure (GEX) is primarily concentrated around $64,000 and $70,000; ETH GEX is mainly clustered between $1,825 and $2,000, with a relatively dispersed distribution, as some traders begin positioning for a rebound using out-of-the-money options.
The proportion of recent large-scale bullish trades continues to rise, primarily consisting of long call spread strategies with short-term expiries.
Notably, the ETH Put/Call Ratio has exceeded 1 for a full month, reaching 1.61 this week, indicating that put option open interest remains elevated and reflecting significant market divergence and intensified bullish-bearish competition regarding ETH’s future price movement.