Bitcoin is bracing for a major month-end options expiry on Friday, July 31, with approximately 149,000 contracts worth $9.57 billion set to settle. The event arrives as the cryptocurrency trades near its $64,000 max-pain level, a price point that could amplify price swings once contracts are settled.
Bitcoin Options Expiry Centers on $64,000
The expiring batch carries a put/call ratio of 0.28, indicating a heavy dominance of call options over puts. Max pain sits near $64,000, close to Bitcoin’s spot price during Friday’s session. Open interest remains concentrated at higher strike prices on Deribit, with the $70,000 and $72,000 strikes each holding about $2.4 billion. The $60,000 strike carries approximately $1.3 billion.
Across exchanges, total Bitcoin options open interest has climbed to roughly $34.7 billion, according to Coinglass, meaning the expiring batch represents a substantial portion of outstanding exposure.
Low Volatility Meets Heavy Contract Settlement
Bitcoin briefly moved above $65,000 early Friday but quickly retreated toward $64,325. The asset has remained within a broad consolidation range for about two months. Live market data showed a Friday range between $63,839 and $65,328.
Analyst Daan noted that Bitcoin has reached its lowest weekly volatility in two years. That compressed price action now meets one of the market’s largest recent options expiries, raising questions about whether the event could finally disrupt the two-month consolidation.
Deribit pointed to cautious macro signals continuing to pressure Bitcoin, while identifying market stabilization and renewed capital inflows as key indicators to watch.
Ethereum Adds $825 Million to Expiry Event
Around 433,000 Ethereum options contracts also expire Friday, with a notional value near $825 million. The contracts carry a 0.59 put/call ratio and a $1,800 max-pain level. Ether has traded within a narrow range near $1,900 during recent sessions. Total Ethereum options open interest across exchanges remains near $5.4 billion.
Together, the Bitcoin and Ethereum expiries reach approximately $10.4 billion. Meanwhile, the broader crypto market returned to about $2.3 trillion after losing nearly $25 billion during the week.
The weekly retreat followed the Federal Reserve’s decision to hold interest rates steady and the resumption of military action between the United States and Iran.
Market participants will watch settlement flows, capital movement, and price stability for signs of renewed volatility in the days ahead.
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