Bitcoin Holds Near $64,000 After $9.6 Billion Options Expiry Dampens Momentum

Bitcoin hovered just below $64,000 following the expiry of $9.6 billion worth of Bitcoin options on July 31. This massive options expiration centered around the $64,000 strike price, which acted as a gravitational point for the market as the contracts settled. Despite heavy call option positioning ahead of the expiry, the price showed little deviation from its recent range.

According to Greeks.live, 149,000 Bitcoin options expired with a low put-call ratio of 0.28, indicating a strong dominance of call options over puts. Meanwhile, Ether saw 435,000 options valued at $830 million expire, with a put-call ratio of 0.63 and max pain around $1,850. Deribit's monthly options settle at 08:00 UTC on the last Friday of each month, and immediately after this settlement, Bitcoin traded near $63,824, while Ether hovered close to $1,891.

This expiry accounted for about 30% of outstanding Bitcoin contracts. PerpFinder, another data source, noted open interest totaling approximately $9.45 billion with $7.39 billion in calls and $2.06 billion in puts just before settlement. These figures fluctuate as prices move and data is collected at different times.

Max pain the price level where the largest number of options expire worthless was centered on $64,000 for Bitcoin. However, past expiries have shown that Bitcoin prices don’t always settle exactly at this level and often display minimal lasting impact. The subdued price movement after the expiry confirms the market’s reluctance to break far from this point right now.

Interestingly, the low implied volatility and uneven capital inflows suggest traders remain cautious despite the overall call-heavy positioning. This cautious sentiment seems to be keeping Bitcoin grounded near the $64,000 mark, a level it has tested multiple times this summer. This behavior contrasts with recent developments such as Bitcoin’s rising long-term holder base, which could indicate stronger support levels in the medium term.

This material is for informational purposes only and does not constitute financial advice.