Bitcoin options traders faced another big expiration on July 3, with 31,000 Bitcoin contracts settling with a notional value of about $1.9 billion.
summary
- Bitcoin options expiration keeps $60,000 support in focus as traders demand short-term downside protection.
- Ether options are showing heavy demand, indicating stronger hedging needs around the $1,700 region.
- Weak ETF flows and cautious derivatives positions are keeping the cryptocurrency outlook in the third quarter under pressure.
He told the Greeks Live in a Updated July 3 That batch has a recall ratio of 0.7 and a maximum pain point of $61,000.
The same update showed the expiration of 135,000 ETH options with a notional value of around $230 million. The demand ratio for Ethereum was 1.29, while the maximum pain level was $1,650. The higher selling ratio showed a stronger demand for downside protection in ETH compared to BTC.
Bitcoin recovers $60,000, but risks remain
Bitcoin is back above $60,000 this week, but options data still shows a defensive market. The Greeks Live website said that exposure to Bitcoin gamma was concentrated around $60,000, while exposure to Ethereum gamma was concentrated near $1,700. These areas may keep short-term price action tied to key strike levels.
In separate Market noteBitcoin’s skewness of 25 delta remained negative across short-term maturities, Greeks Live said. Puts continued to trade at a premium to calls, with stronger demand focused on shorter-term contracts, the company said. This suggests that traders are hedging immediate downside risks rather than changing the long-term outlook.
ETF inflows add pressure to sentiment
The cautious options preparation comes after several weeks of weak spot demand. Bitcoin has recently recovered $60,000 After weak US macro expectations and lower oil prices, this helped the recovery of risk assets. However, the same report noted that outflows of US Bitcoin ETFs continued to impact the recovery.
Previously, crypto.news I mentioned Bitcoin struggled to cross the $60,000 level as options inflow and ETF selling kept buyers cautious. U.S. spot bitcoin ETFs saw nearly $1.79 billion in weekly outflows, their largest withdrawal in 2026, the report said.
Previous expiry periods showed the same pattern
The July 3 expiration was smaller than last week’s quarter-end event, when BTC and ETH faced approx 11 billion dollars At the expiration of options. This larger settlement kept BTC’s $60,000 to $62,000 range under close watch as traders tracked hedging flows around major strikes.
As previously reported, another June expiration sets the tone $60,000 support area In focus. Greeks Live said at the time that traders’ downside exposure was concentrated near $60,000 to $62,000. The latest data shows that this level remains important even after BTC’s moderate recovery.
The third quarter outlook remains defensive
Greeks Live said in its post on July 3 that the cryptocurrency market outlook for the third quarter remained weak as attention shifted towards US stocks, artificial intelligence, semiconductors and US stock token products. The company also said that Bitcoin’s “long-term downtrend is far from over,” citing selling pressure from large holders and ETFs.
Queen Glass Options data It also showed a decline in total open interest for BTC options after the large quarterly expiration. A decline in open interest can reduce market depth in options, but it does not remove hedging pressure when traders continue to pay for puts.
Disclosure: This article does not constitute investment advice. The content and materials contained on this page are for educational purposes only.
