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Roughly 149,000 BTC options and 435,000 ETH options expired on July 31, carrying a combined notional value of around $10.5 billion, according to Greeks.live data.
Why it matters
The notional size makes this one of the heavier expiry events of the quarter, but the positioning inside the book matters more than the headline figure. BTC options cleared with a put-call ratio of 0.28, a deeply call-skewed read that means traders were paying for upside calls rather than hedging downside puts. ETH options expired at a put-call ratio of 0.63, still bullish-tilted but materially more balanced than BTC.
Market impact
The maximum pain strikes sat at $64,000 for BTC and $1,850 for ETH, the levels where option sellers would benefit most from price settling at expiry. With spot trading above those strikes into the close, the settlement flow points to mild pinning pressure rather than forced selling. Call-heavy positioning going into a large expiry typically resolves with either a relief bounce if max pain holds or a sharp unwind if the protective put bids were thin enough to let a sell-off accelerate.
Frequently asked questions
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How much in Bitcoin and Ethereum options expired on July 31?
Roughly 149,000 BTC options and 435,000 ETH options expired, carrying a combined notional value near $10.5 billion according to Greeks.live.
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What were the put-call ratios for the BTC and ETH options expiring?
BTC options cleared with a put-call ratio of 0.28, deeply call-skewed. ETH options expired at 0.63, still bullish-tilted but materially more balanced than BTC.
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What were the maximum pain strikes for the July 31 expiry?
The max pain strikes were $64,000 for BTC and $1,850 for ETH, the levels where option sellers would benefit most from price settling at expiry.
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Why does a low put-call ratio matter at a large options expiry?
A low put-call ratio signals traders paid for upside calls rather than hedging with downside puts, which means the protective bid on a sell-off is thinner and a sharp move could accelerate.
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What does the July 31 expiry signal for next week's market?
With spot clearing above max pain and call-heavy positioning resolving, the immediate flow points to pinning pressure rather than forced selling, though the thin put book is the risk to watch into the next expiry.
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