Around 36,800 Bitcoin options contracts, with a notional value of approximately $4 billion, are set to expire on Friday, July 11. This expiry event is more significant than the one that occurred last week, but it’s still unlikely to have a considerable impact on the spot markets, which have seen an improvement towards the week’s end. Following the passing of US President Trump’s tariff deadline and the imposition of tariffs on countries without a prior agreement with the United States, Bitcoin hit a new record high, entering uncharted price territory.
### Upcoming Bitcoin Options Expiry
The current batch of Bitcoin options shows a put/call ratio of 0.94, indicating a slight prevalence of call options expiring over put options. The contracts are set to experience the most significant losses at a max pain point of $107,000, which is about $9,000 below the current spot prices. The open interest, representing the value or number of Bitcoin options contracts yet to expire, peaks at $120,000, with nearly $2 billion at this strike price. Additionally, there is $1.8 billion in open interest at $115,000 and $1.7 billion at $140,000, highlighting the bullish speculation surrounding these contracts.
In a recent weekly update, the crypto derivatives provider Greeks Live mentioned a focused market discussion on Trump’s trade deals and developments in Truth Social crypto ETFs, noting a “minimal consensus” on market direction and emphasizing news events over price analysis. Despite the rising theta decay, option buyers are holding onto their positions, showing reluctance to exit but unease about staying in. This sentiment came before Bitcoin’s surge to a new all-time high above $117,000.
Moreover, approximately 238,000 Ethereum contracts are also nearing expiration this Friday, contributing to a combined crypto options expiry notional value of around $4.6 billion.
### Overview of the Crypto Market
The crypto market has experienced a 4% increase in the past 24 hours, reaching a total capitalization of $3.7 trillion, the highest since January. This surge was led by Bitcoin, which saw over a 5.5% increase in late Thursday trading, pushing its value to a new all-time high of $117,300. Ethereum has similarly seen significant gains, with a 6.5% increase bringing it close to $3,000, marking a five-month high. Alongside, altcoins such as Dogecoin, Cardano, Sui, and Hedera have all seen notable increases.
🚨 $4.6B in crypto options expire tomorrow, signaling a bustling end to the week for the market! #Bitcoin hit $112K overnight. Eyes are on the market’s next move! 📈💰 #CryptoOptionsExpiry #MarketWatch
