Bitcoin option traders were faced with another big expiry date on the 3rd of July. About 31 000 BTC contracts settled at $1.9 billion in notional value.
The following is a summary of the information that you will find on this page.
- Bitcoin option expiry is a focus for traders who want short-term protection.
- The demand for ether options is higher, which indicates a greater need to hedge around $1700.
- The Q3 crypto market outlook is under threat due to the weak ETF flow and conservative derivatives position.
GreeksLive stated in a July 3 update This batch has a pain level of 61,000 dollars and a ratio of put to call of 0.07.
The update also showed that 135,000 ETH Options were expiring, with a value notional of $230 Million. Ether had a put-call rate of 1.29 and its maximum level of pain was $1.650. This higher ratio shows a greater demand in ETH for protection against the downside than BTC.
Bitcoin claims $60K but still risks exist
Bitcoin rose above $60,000 this week but the options data showed that it was still a defensive environment. GreeksLive stated that BTC gamma expositons were concentrated near $60,000 while ETH gamma expositons were centered close to $1,700. These zones could keep the short-term prices tied to important strike levels.
Separate market noteGreeksLive stated that BTC’s 25-delta was still negative, regardless of the short-term maturity. According to the firm, puts continue to trade higher than calls with the most demand for short-term contracts. It suggests traders want to protect themselves from immediate risks, rather than change their long-term outlook.
ETF flows increase pressure on sentiment
Following several weeks with weak demand, traders are now preparing for a cautious approach. Bitcoin recently gained a lot of ground $60,000 After easing U.S. macro-expectations and oil prices, risk assets recovered. The same report also noted that U.S. Bitcoin ETF withdrawals continue to be a drag on risk assets.
Previously, crypto.news reported Bitcoin’s price struggled to rise above $60,000. Options flows and ETF sales kept buyers wary. According to the report, U.S. Bitcoin ETFs experienced a weekly withdrawal of nearly $1.79billion dollars. This was their biggest outflow since 2026.
The pattern was the same for earlier expirations
It was smaller last week than the end of quarter event when BTC, ETH and other cryptocurrencies faced approximately $11 billion Options expiring. The traders closely watched this $60,000-$62,000 BTC BTC range as they tracked the flow of hedging around major strikes.
The same as previously stated, June is another expiry month. $60K support zone In focus GreeksLive reported at the time that dealer downside exposure was centered between $60,000 and $62,000. Even after BTC’s modest recovery, the latest data indicates that this level is still important.
Q3 outlook stays defensive
In a post on July 3, GreeksLive stated that Q3’s outlook for the crypto markets remained bleak as investors’ attention turned to U.S. shares, artificial intelligence (AI), semiconductors and tokenized U.S. equity products. Bitcoin was also a concern for the firm. “long-term downtrend has not yet ended,” Pointing to the selling pressure of large holders, ETFs.
CoinGlass options data The total BTC option open interest also fell following the quarterly large expiry. Reduced open interest may reduce the market depth of options but does not eliminate hedging pressure if traders are still paying for put contracts.
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Source: crypto.news
