Yeliz Akmaca 
On Friday, July 4, a total of approximately 27,300 Bitcoin (BTC) options contracts are set to expire. Investors are focusing on the $3 billion worth of Bitcoin options expiring today.
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.