According to Deribit data, Bitcoin’s maximum pain point was set at $117,000. At the time of writing, BTC traded at $118,995. The put-call ratio for expiring Bitcoin options stood at 0.90, indicating more call positions than puts — a bullish signal. The nominal value of Bitcoin options reached $4.78 billion, with 40,185 open contracts. 

On the Ethereum side, the maximum pain point was $4,000, with ETH trading at $4,629. The put-call ratio came in at 1.02, showing a slight tilt toward put positions. Ethereum options had a nominal value of $1.33 billion and 287,946 open contracts. 

Record-Breaking Options Volume, Diverging Market 

Last week, $5 billion worth of options expired. This week, the figure exceeded $6 billion. Data from Greeks.live shows that the expiry followed a macro-driven market correction. PPI inflation hit 3.7%, the highest since March 2022, while core CPI rose above 3%. Despite this, implied volatility in the options market remained largely unchanged. 

Deribit set a new daily record with $10.9 billion in trading volume, signaling sustained investor interest. Some analysts warned that Bitcoin could peak near $122,000 and Ethereum close to $4,700. Heavy open interest and record volumes increase the likelihood of prices moving toward maximum pain levels. 

Glassnode data revealed that when Bitcoin reached a new all-time high, the profitable BTC supply surged to 99%. This figure was around 95% before the July correction and has never dropped below the cumulative average of 92% plus one standard deviation. 

Over the weekend, price action will determine whether bullish momentum continues or profit-taking triggers a pullback. 

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Market data shows the “max pain” level at $106,000. This price point is where most call and put options become worthless, making it the most advantageous level for sellers. The spot price is currently trading around $109,044, marking a 0.2% increase from yesterday. 

Put/Call Ratio Balanced, Sharp Drop in Volume 

Recent data shows the put/call ratio for this week’s options contracts is 1, indicating an equal distribution between bullish and bearish positions. However, with the price still $3,000 above the max pain level, there’s a risk of downward pressure as expiry nears. 

Trading volume fell by 21% in the last 24 hours to $28.9 billion. In a low-volume market environment, such as during options expiry, price sensitivity increases, potentially causing sharp fluctuations. The closing of large institutional options positions could push the price toward the $106,000 level. 

Options Expiry Alert

After last week’s massive $17B expiry, tomorrow brings a quieter setup, but still sizable.$BTC: $2.98B notional | Put/Call: 1.01 | Max Pain: $106K BTC now trades above $109K, will it hold into expiry or snap back toward max pain?$ETH: $584M notional… pic.twitter.com/CvFl5Ngviq

— Deribit (@DeribitOfficial) July 3, 2025

Ethereum Contracts Bring Total Expiry Value to $3.6 Billion 

Additionally, about 220,000 Ethereum options contracts are also expiring. These Ethereum options represent a total nominal value of $584 million. Market data shows the max pain level at $2,500. On the ETH side, the put/call ratio stands at 1.28, indicating a stronger bearish sentiment in the market. 

Combined, Bitcoin and Ethereum option contracts expiring on Friday have a total nominal value of around $3.6 billion. This volume is significant enough to influence the direction of liquidity in the derivatives market. 

Meanwhile, crypto derivatives provider Greeks Live noted in a market update that investors are “disappointed by stagnant prices and high volatility.” The firm also emphasized that investor sentiment is shifting more strongly toward the downside. Moreover, open interest (OI) above $1.5 billion exists at the $115,000, $120,000, and $140,000 levels, signaling that investors remain optimistic in the longer term. 

Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our Telegram, YouTube and Twitter channels for the latest news and updates.

The post Massive Expiry Day for Bitcoin and Ethereum Options Today!  appeared first on Coin Engineer.