According to data from Adam@Greeks.live (@BTC__options), the options expiration on July 3 was as follows: BTC Options • Number of contracts expired: 31,000 • Put Call Ratio: 0.7 • Maximum Pain: $61,000 • Notional Value: $1.9 billion ETH Options • Number of contracts expired: 135,000 • Put Call Ratio: 1.29 (significantly higher put dominance) • Maximum Pain: $1,650 • Notional Value: $230 million Adam noted that although BTC reclaimed the key $60K level this week, the long-term downtrend has not been reversed. Continuous selling by MicroStrategy and Bitcoin ETFs has fundamentally shifted market sentiment—“the largest buyer has become the largest seller,” a typical signal accelerating the bull-to-bear transition. ETH’s Put Call Ratio reached a high of 1.29 this week, indicating a significant surge in risk-off demand. From the GEX distribution, BTC is concentrated at $60K, while ETH is clustered at $1,700. Current market focus remains on U.S. equities and tokenized U.S. stocks; momentum in AI and semiconductors is unlikely to return to crypto markets in the short term, casting a pessimistic outlook for crypto in Q3.
21.3 billion options on Bitcoin and Ethereum expire on July 3
TechFlowShare
Summary
On July 3, 2026, $21.3 billion in Bitcoin and Ethereum options expired. According to Adam@Greeks.live, 31,000 BTC options valued at $1.9 billion expired with a put-call ratio of 0.7, while 135,000 ETH options worth $230 million expired with a put-call ratio of 1.29. BTC’s maximum pain point was at $61,000; ETH’s was at $1,650. BTC has rebounded off support and resistance near $60,000, but the long-term trend remains downward. Selling by MicroStrategy and Bitcoin ETFs has shifted market sentiment. ETH’s high put-call ratio reflects increasing risk aversion. Gamma exposure (GEX) is concentrated at $60,000 for BTC and $1,700 for ETH. Attention remains focused on U.S. equities and tokenized equities, while AI and semiconductors show little momentum in crypto, suggesting a weak outlook for Q3.
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