July 17 futures contracts in Bitcoin and Ethereum options markets expire today. While Bitcoin options worth approximately $1.2 billion have reached maturity, the weight of sell-oriented positions on the Ethereum side has continued for the last month.
Critical levels came to the fore in Bitcoin options
According to Greeks Live data, 19 thousand Bitcoin option contracts will expire today. While the total nominal value of the contracts was approximately 1.2 billion dollars, the put call rate was calculated at 0.9. The maximum loss price was determined as 63 thousand dollars.
Mini dictionary: Put call ratio shows the weight of put and call options relative to each other. The maximum loss price refers to the level at which the option buyers’ total loss is highest at the end of maturity.
In the Ethereum market, the number of contracts to expire reached 123 thousand. In these contracts with a value of approximately 230 million dollars, the put call rate was 1.61 and the maximum loss price was 1,800 dollars.
| Presence | Number of contracts | Put call rate | Maximum loss price | Nominal value |
|---|---|---|---|---|
| Bitcoin | 19 thousand | 0.9 | 63 thousand dollars | $1.2 billion |
| Ethereum | 123 thousand | 1.61 | $1,800 | $230 million |
The largest cryptocurrency has been moving in the region between $60,000 and $65,000 for more than a month. Although volatility in the memory chip industry and SpaceX-related companies increased in the US stock markets, the impact on the cryptocurrency market was limited. Contracts expiring this week accounted for approximately 5 percent of the total option size.
As the volatility in the market decreased and short-term transaction opportunities narrowed, the total open position amount also decreased. Gamma density in Bitcoin options was concentrated mainly at the levels of 64 thousand and 70 thousand dollars.
Cautious outlook continues in the Ethereum market
The concentration in Ethereum options was more widely distributed between $1,825 and $2,000. Some investors turned to options slightly above the current price to position themselves for a possible recovery.
These call option strategies, based on short-term bullish expectations, constitute a significant part of recent transactions. Large-scale call option transactions also maintained their high share in market activities.
While the put call rate in Ethereum has remained above 1 for a month, it rose to 1.61 this week.
