31,000 BTC and 135,000 ETH options expire July 3 with heavier ETH downside hedging
Greeks.live macro researcher Adam said the batch is worth about $1.9 billion in Bitcoin options and $230 million in Ether options, with ETH showing a higher put-call ratio than BTC.
A large crypto options expiry is due on July 3, with 31,000 BTC options valued at $1.9 billion and 135,000 ETH options worth $230 million. Greeks.live macro researcher Adam said Bitcoin’s put-call ratio stood at 0.7 and its max pain point was $61,000, while Ether’s put-call ratio was 1.29 with max pain at $1,650. The higher ETH put-call ratio suggests stronger downside hedging demand in Ether than in Bitcoin ahead of expiry. In options markets, the put-call ratio compares bearish put options with bullish or neutral call options, while max pain refers to the price level where option holders as a group would face the greatest loss at expiration.
- put-call ratio: A measure comparing put option volume with call option volume.
- max pain: The price where options holders face the largest aggregate loss at expiry.
- downside hedging: Using positions to reduce losses if an asset price falls.