About 23,000 BTC contracts worth $1.5 billion and 140,000 ETH contracts worth $250 million settled, with positioning pointing to continued demand for downside protection.
Bitcoin and Ether options with a combined notional value of about $1.75 billion expired on July 10, with derivatives positioning signaling a cautious market tone rather than strong conviction in a near-term rally. Greeks.live data showed 23,000 Bitcoin options worth $1.5 billion expired with a 0.97 put-call ratio and a $62,000 maximum pain level, while 140,000 Ethereum options worth $250 million expired with a 1.26 put-call ratio and a $1,700 maximum pain level. Bitcoin traded above $60,000 for most of the week and briefly touched $64,000 during Asian trading before hovering near resistance around $64,000 to $64,500. Greeks.live said traders increased large call activity by selling short-dated calls slightly above spot, a strategy that points to limited confidence in sustained upside. Separate skew data also showed puts continued to trade at a premium to calls across major Bitcoin expiries, indicating persistent demand for downside protection. Ethereum's elevated put-call ratio, which remained high for a second straight week, likewise suggested continued defensive positioning.