Greeks.live macro researcher Adam said on X that 190,000 BTC options expired on July 24, with a put-call ratio of 0.89, a maximum pain level of $64,500, and a notional value of $1.2 billion. According to Odaily, 125,000 ETH options expired with a put-call ratio of 1.25, a maximum pain level of $1,875, and a notional value of $230 million.
Adam said Bitcoin briefly rose above $66,000 this week, but the move was difficult. He said the $80,000 to $65,000 range was a high-volume trading area during the early-year rally, and that it remains important to watch when funds flow into crypto.
He said U.S. stocks tied to SpaceX continued to fall sharply, while the storage sector saw large swings. He added that 4% of options expire this week, with expiration indicators little changed from last week, and that market volatility has remained low with fewer trading opportunities. Implied volatility fell to around 35%.
Adam said BTC gamma exposure is concentrated at $65,000 and $72,000, while ETH gamma exposure is concentrated between $1,900 and $2,200. He said the ETH put-call ratio fell to 1.29 this week, but put options have stayed above 1 for six straight weeks, the longest stretch on record. He also said this shows strong demand for put options and participation from traders buying puts to dip.
He said crypto has been in a bear market for eight months, with limited trading opportunities during that period, and that some rebound may come in the second half of the year.
BTC and ETH Options Expire on July 24 as BTC Put Call Ratio Falls to 0.89
2026-07-24 02:44:12
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