July 10 Options Data 23,000 BTC options expired, with a put-call ratio of 0.97, a maximum pain point of $62,000, and a notional value of $1.5 billion. 140,000 ETH options expired, with a put-call ratio of 1.26, a maximum pain point of $1,700, and a notional value of $250 million. Bitcoin remained range-bound above 60K this week, with relatively calm market conditions. Key options data shows that 7% of options expired this week. The GEX distributions for BTC and ETH were concentrated at 64K and 1,750, respectively, with both showing a significant accumulation of call options. The proportion of large call trades increased notably this week, primarily consisting of selling short-term, shallow out-of-the-money calls, indicating a consensus among institutions that the market lacks upward momentum. ETH’s Put-Call Ratio reached 1.26 this week, with put options maintaining an extremely high proportion for two consecutive weeks—a relatively unusual phenomenon. Based on the option distribution, this is primarily due to the expiration of deeply out-of-the-money protective positions below $1,500. U.S. and South Korean stocks have also been correcting recently, and the overall market remains relatively subdued. We are adopting a wait-and-see approach, monitoring the situation for changes.(Greeks.live)