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. Bitcoin continued to trade above $60,000 this week, with the market remaining calm. It has now been trading within the $60,000 to $65,000 range for over a month, and the sharp volatility in U.S. stocks—particularly in SpaceX and the storage sector—has not significantly impacted the crypto market. Looking at key options data, 5% of options expired this week, and open interest declined slightly, primarily due to low market volatility and few trading opportunities. BTC’s GEX distribution is concentrated around 64K and 70K, while ETH’s GEX distribution is spread out between 1,825 and 2,000—a more dispersed pattern—primarily because many traders are beginning to use shallow out-of-the-money options to bottom-fish. The proportion of large-scale bullish trades continued to increase this week, primarily consisting of short-term bull spreads. ETH’s Put-Call Ratio reached 1.61 this week. The proportion of put options has exceeded 1 for a consecutive month and continues to rise. The fact that put positions remain at an extremely high level is a relatively unusual phenomenon, indicating significant market divergence and intense bull-bear dynamics in ETH. U.S. and South Korean stocks have also been correcting recently, and the overall market remains relatively subdued. A wait-and-see approach is recommended, though traders may follow large players by opening small bullish spreads.(Greeks.live)