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Around 149,000 Bitcoin options contracts expire on Friday, July 31, carrying about $9.57 billion in notional value. The month-end event arrives as Bitcoin trades near its $64,000 max-pain level. The positioning could produce stronger price movements as contracts settle.
The contracts carry a put/call ratio of 0.28, showing that calls heavily outnumber puts. Max pain sits near $64,000, close to Bitcoin’s spot price during Friday’s session. Open interest remains concentrated at higher strike prices on Deribit. The $70,000 and $72,000 strikes each hold about $2.4 billion. Meanwhile, the $60,000 strike carries approximately $1.3 billion.
Across exchanges, Bitcoin options open interest has climbed to about $34.7 billion, according to Coinglass. Therefore, the expiring batch represents a substantial portion of outstanding options exposure.
Bitcoin briefly moved above $65,000 early Friday but quickly retreated toward $64,325. The asset has remained within a broad consolidation range for about two months. Live market data showed a Friday range between $63,839 and $65,328.
Analyst Daan said Bitcoin had reached its lowest weekly volatility in two years. That compressed price action now meets one of the market’s largest recent options expiries.
Could the expiry finally disrupt Bitcoin’s two-month consolidation? Deribit said cautious macro signals continue to pressure Bitcoin. The exchange identified market stabilization and renewed capital inflows as key indicators.
Around 433,000 Ethereum options contracts also expire Friday, with a notional value near $825 million. The contracts carry a 0.59 put/call ratio and a $1,800 max-pain level. Ether has traded within a narrow range near $1,900 during recent sessions. Total Ethereum options open interest across exchanges remains near $5.4 billion.
Also Read: Bitcoin's ETF Rebound Could Be the Catalyst Bulls Needed
Together, the Bitcoin and Ethereum expiries reach approximately $10.4 billion. Meanwhile, the broader crypto market returned to about $2.3 trillion after losing nearly $25 billion during the week.
The weekly retreat followed the Federal Reserve’s decision to hold interest rates steady. It also came as military action resumed between the United States and Iran.
Bitcoin’s $9.57 billion options expiry lands near the $64,000 max-pain level as open interest clusters at higher strikes. Ethereum adds $825 million to the event. Market participants will watch settlement flows, capital movement, and price stability for signs of renewed volatility.
