Bitcoin choices merchants confronted one other giant expiry on July 3, with 31,000 BTC contracts settling at a notional worth of about $1.9 billion.
Abstract
- Bitcoin choices expiry retains $60K assist in focus as merchants demand short-term draw back safety.
- Ether choices present heavier put demand, pointing to stronger hedging wants across the $1,700 space.
- Weak ETF flows and cautious derivatives positioning maintain crypto’s Q3 outlook beneath stress.
GreeksLive stated in a July 3 replace that the batch had a put-call ratio of 0.7 and a most ache level of $61,000.
The identical replace confirmed 135,000 ETH choices expiring with a notional worth of about $230 million. Ether’s put-call ratio stood at 1.29, whereas its most ache stage was $1,650. The upper put ratio confirmed stronger demand for draw back safety in ETH than in BTC.
Bitcoin reclaims $60K, however dangers stay
Bitcoin moved again above the $60,000 stage this week, however choices knowledge nonetheless confirmed a defensive market. GreeksLive stated BTC gamma publicity was concentrated round $60,000, whereas ETH gamma publicity was centered close to $1,700. These zones could maintain short-term worth motion tied to key strike ranges.
In a separate market word, GreeksLive stated BTC’s 25-delta skew remained detrimental throughout short-term maturities. The agency stated places continued to commerce at a premium to calls, with the strongest demand targeted on near-term contracts. That implies merchants are hedging quick draw back danger moderately than altering long-term expectations.
ETF flows add stress to sentiment
The cautious choices setup follows a number of weeks of weak spot demand. Bitcoin lately reclaimed $60,000 after softer U.S. macro expectations and easing oil costs helped danger belongings recuperate. Nonetheless, the identical report famous that U.S. spot Bitcoin ETF outflows continued to weigh on the rebound.
Beforehand, crypto.information reported that Bitcoin struggled to interrupt above $60,000 as choices flows and ETF promoting stored patrons cautious. The report stated U.S. spot Bitcoin ETFs noticed almost $1.79 billion in weekly outflows, their largest withdrawal of 2026.
Earlier expiries confirmed the identical sample
The July 3 expiry was smaller than final week’s end-of-quarter occasion, when BTC and ETH confronted about $11 billion in expiring choices. That bigger settlement stored the $60,000 to $62,000 BTC vary beneath shut watch as merchants tracked hedging flows round main strikes.
As beforehand reported, one other June expiry put the identical $60K assist zone in focus. GreeksLive stated on the time that draw back seller publicity was concentrated close to $60,000 to $62,000. The newest knowledge reveals that stage stays essential even after BTC’s gentle restoration.
Q3 outlook stays defensive
GreeksLive stated in its July 3 publish that the crypto market’s Q3 outlook remained weak as consideration shifted towards U.S. shares, synthetic intelligence, semiconductors, and tokenized U.S. inventory merchandise. The agency additionally stated Bitcoin’s “long-term downtrend has not but ended,” pointing to promoting stress from giant holders and ETFs.
CoinGlass choices knowledge additionally confirmed complete BTC choices open curiosity falling after the big quarterly expiry. Decrease open curiosity can cut back market depth in choices, but it surely doesn’t take away hedging stress when merchants maintain paying for places.
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