Odaily Planet Daily reports: Adam@Greeks.live, a macro researcher at Greeks.live, posted on X that the options expiration data for July 24 showed 19,000 BTC options expired, with a Put/Call Ratio of 0.89, the highest open interest at $64,500, and a notional value of $1.2 billion; 125,000 ETH options expired, with a Put/Call Ratio of 1.25, the highest open interest at $1,875, and a notional value of $230 million.
Bitcoin briefly surpassed $66,000 this week, but the upward movement was challenging, as the range between $80,000 and $65,000 represents the area of highest trading volume from the year’s initial rally. It remains crucial to monitor when capital will flow into the crypto space. U.S. stocks, particularly SpaceX, continued to decline sharply, while the storage sector experienced significant volatility.
Looking at the key options data, 4% of options expire this week, with expiration metrics showing little change from last week. With markets ranging sideways and low volatility, trading opportunities remain limited, and overall IV has declined to around 35%. BTC’s GEX distribution is concentrated at $65,000 and $72,000, while ETH’s GEX distribution is centered between $1,900 and $2,200—both more dispersed than last week. Over the past two weeks, an increasing number of traders have begun attempting to buy the dip using out-of-the-money options.
This week, ETH’s Put/Call Ratio declined to 1.29, but put options have accounted for more than 1% of trading volume for six consecutive weeks—the longest such streak on record. This indicates strong demand for put options, while traders selling puts to buy the dip remain active. After an 8-month bear market with limited trading opportunities, a rebound in the second half of the year is expected from a cycle perspective.