August 7 Options Expiry Data

32,000 BTC options are expiring, with a Put Call Ratio of 0.26, max pain at $64,000, and a nominal value of $2.06 billion. 177,000 ETH options are expiring, with a Put Call Ratio of 0.77, max pain at $1,900, and a nominal value of $340 million. Bitcoin continues to hover around $64K this week. This range has been fluctuating for over two months since May, and there was also a long period of consolidation from February to April this year, followed by a 30% move. The price range above $65K is a high-volume trading zone from the rally earlier this year. With the spotlight not on crypto, speculative funds are unlikely to flow into the space, and the direction may lean downward. Looking at the main options data, 9% of options are expiring this week, which is a relatively high proportion. There’s a significant amount of out-of-the-money call options being opened, leading to a relatively dispersed Gex, while there’s very little put option positioning. The downward Gex is relatively concentrated. Bitcoin’s PCR remains at a low level of 0.26, indicating extremely low put option holdings. Crypto has been in a bear market for nine months now, with overall IV staying at low levels for a quarter. If there’s no capital inflow in Q3, the market might face even bigger risks ahead.