Odaily Planet Daily reports that Adam@Greeks.live posted on X that the July 31 options expiration data showed 149,000 BTC options expired, with a Put/Call Ratio of 0.28, the highest open interest at $64,000, and a notional value of $9.6 billion; 435,000 ETH options expired, with a Put/Call Ratio of 0.63, the highest open interest at $1,850, and a notional value of $830 million. Bitcoin has been trading around $64,000 this week; last week, it was noted that the price zone above $65,000 represents a dense trading area from the year’s initial rally and faces some resistance.
This week, the U.S. stock market experienced significant volatility, but funds did not flow into the crypto market during stock declines, nor did the rebound drive crypto prices higher. Currently, crypto inflows remain low, and trading volumes for some U.S.-listed crypto-related products have even surpassed those of many crypto assets, making upward momentum unlikely. Looking at key options data, 30% of options expired this week; gamma exposure (Gex) on the call side was relatively dispersed, while Gex on the put side was more concentrated. This month, Bitcoin’s put/call ratio (PCR) stands at just 0.26, indicating extremely low put option open interest, whereas Ethereum’s put option open interest has remained consistently high.
Implied volatility has remained low for a full quarter, with a rebound observable during Q3 when capital inflows occurred. After eight months of a crypto bear market, trading activity in U.S. equities has dominated; consider selling some options in the short term and focus primary trading attention on U.S. stocks.