Bitcoin Options Reach $11.47 Billion 

Bitcoin options total $11.47 billion in nominal value. Open interest stands at 102,598 contracts. The Put-to-Call ratio is 0.78, showing a cautiously optimistic outlook. The maximum pain point is positioned at $115,000, where option holders would face the largest financial losses. 

Meanwhile, Nvidia’s recent earnings report adds uncertainty to the market. Traders are debating whether Bitcoin will mirror stock market movements or maintain an independent trajectory. 

Ethereum Options Total $3.13 Billion 

On the Ethereum side, expiring options carry a nominal value of $3.13 billion. Total open interest is recorded at 697,419 contracts. The Put-to-Call ratio sits at 0.77, highlighting a dominance of call options. This signals that investors lean more toward a bullish outlook. 

Ethereum’s maximum pain level is set at $3,800, representing the price where most investors would experience maximum losses. Deribit data points to cautious optimism, but analysts highlight relative weakness in Ethereum compared to Bitcoin. 

At the same time, Nvidia remains central to market discussions. Data from Greeks.live shows low implied volatility for BTC, with traders split over the expected direction. Notably, a similar impact was observed after Nvidia’s earnings release in February 2024. 

In the end, both Bitcoin and Ethereum prices are expected to move toward their respective maximum pain levels. This alignment will likely drive heightened market volatility throughout the day. 

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This price action has also impacted the share of BTC supply held in profit. According to Glassnode, as of August 1, Bitcoin’s supply in profit dropped to 91.71%, the lowest level in 41 days. This metric indicates what percentage of circulating BTC is currently held above acquisition cost. 

Historically, a decline in this metric reflects weakening market sentiment. Fewer holders remain in profit, which can increase selling pressure. As a result, short-term corrections in BTC’s price become more likely. 

Long/Short Ratio Falls: Leverage Traders Pull Back 

The derivatives market also shows signs of reduced bullish sentiment. BTC’s long/short ratio has dropped to 0.96, falling below the key 1.0 threshold. This ratio compares the number of long positions to short ones. A figure below 1 suggests more traders are betting on a price decline than a rise. 

At the same time, the decrease in long exposure creates room for downward movement. Unless a new bullish catalyst emerges, BTC may struggle to regain upward momentum. 

Additionally, trading volume has significantly decreased. Daily volume, which peaked during July’s rally, is now showing signs of weakening market participation. The combination of weaker demand and rising profit-taking strengthens the bearish short-term outlook. 

Which Levels Could Bitcoin Test Next? 

Based on current technical indicators, Bitcoin could test the $111,855 support zone in the short term. This level is viewed as a key threshold by many market participants. If buyer interest strengthens here, BTC could recover toward $116,952. 

Meanwhile, $120,000 remains a critical resistance level for bullish continuation. Breaking through this zone may rebuild investor confidence and trigger fresh momentum. However, this would require an uptick in trading volume and a visible shift in market sentiment. 

Moreover, upcoming macroeconomic developments and possible ETF-related news could act as external catalysts. For now, caution dominates BTC’s short-term outlook.

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