- Bitcoin held steady after a $1.2 billion options expiry, with traders watching key resistance levels.
- Ethereum remained divided as demand for downside protection continued to rise.
Bitcoin remained trapped inside its month-long trading range after $1.2 billion worth of Bitcoin options expired on July 17. While the expiry was smaller than in previous weekly settlements, traders continue to watch key price levels that could determine Bitcoin’s next move.
Bitcoin Holds Steady After $1.2B Options Expiry
Around 19,000 Bitcoin options with a notional value of approximately $1.2 billion expired on July 17. The contracts had a put-call ratio of 0.9, indicating a relatively balanced market between bullish and bearish positions.
The maximum pain price stood at $63,000, a level where the greatest number of options would expire worthless. Bitcoin traded close to that price as the contracts settled, keeping the market within its familiar trading range.
Despite several sharp moves in U.S. equities during the week, Bitcoin continued trading between $60,000 and $65,000, a range it has occupied for more than a month. The latest expiry accounted for only about 5% of total open options, limiting its ability to trigger a major price swing on its own.
Ethereum Traders Stay Divided
Ethereum also recorded a sizeable options expiry, with 123,000 contracts worth about $230 million reaching expiration.
Unlike Bitcoin, Ethereum’s put-call ratio climbed to 1.61, showing that put options significantly outnumbered call options. This suggests many traders continue buying downside protection even as others position for a potential recovery.
The maximum pain level for Ethereum stood at $1,800, while options activity spread across strike prices between $1,825 and $2,000. According to Greeks.live, some traders used out-of-the-money options to prepare for a possible rebound, even as demand for bearish positions continued to increase.
Key Bitcoin Price Levels Remain in Focus
Greeks.live noted that Bitcoin’s gamma exposure remains concentrated around the $64,000 and $70,000 strike prices. These levels could become important if Bitcoin breaks out of its current range.
The firm also observed an increase in large bullish block trades, mainly through short-term bull spreads. However, overall derivatives activity remained relatively quiet as low volatility continued to reduce short-term trading opportunities.
This combination suggests that while some institutional traders are positioning for higher prices, the broader market is still waiting for a stronger catalyst before making a decisive move.
Market Awaits the Next Breakout
The July 17 options expiry followed larger settlements over the previous two weeks, including a $1.75 billion expiry on July 10 and a $1.9 billion Bitcoin options expiry earlier in the month. Those events also failed to push Bitcoin out of its established trading range.
July 17 Options Data
19,000 BTC options expired, with a put-call ratio of 0.9, a maximum pain point of $63,000, and a notional value of $1.2 billion.
123,000 ETH options expired, with a put-call ratio of 1.61, a maximum pain point of $1,800, and a notional value of $230 million.… pic.twitter.com/nlzAux4vBa— Greeks.live (@GreeksLive) July 17, 2026
Although the latest expiry alone is unlikely to trigger a major rally or sell-off, it highlights where traders are concentrating their positions. As Bitcoin continues trading near its maximum pain level, investors will closely monitor the $64,000 and $70,000 options clusters for signs of the next sustained move.
At the same time, Ethereum’s rising put-call ratio reflects ongoing uncertainty, showing that traders remain split over the cryptocurrency’s short-term direction.
ALSO READ: Pi Network Sets July 22 Date for Major V25 Protocol Upgrade
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.
About the Author
