Bitcoin’s Momentum Dips After Significant $9.6 Billion Options Expiry

Bitcoin Faces Resistance Following Major Options Expiry

On July 31, 2026, Bitcoin and Ether options with a total notional value of approximately $10.43 billion expired, impacting the price action of the cryptocurrencies significantly. The expiry was particularly concentrated around the $64,000 mark, which experts refer to as the max pain level for Bitcoin.

Details of the Expiry

A total of 149,000 Bitcoin options worth about $9.6 billion expired, with a low put-call ratio of 0.28. Most of the options were projected to expire worthless if Bitcoin remained near the $64,000 level. In addition, 435,000 Ether options valued at $830 million also expired, showing a put-call ratio of 0.63 with a max pain level of $1,850.

Market Reactions Post-Expiry

Shortly after the expiry, Bitcoin was trading at approximately $63,824, while Ether was at around $1,891. Both assets did not experience a significant breakout from their recent trading ranges. The data observed indicated that call positions heavily outweighed put positions, with Bitcoin trading within a limited range of $63,787 to $65,305.

Bearish Turn of Events

Despite the seemingly bullish characteristics of the low put-call ratio, analysts noted that many call options had their strike prices above the current market levels, particularly around $70,000 and $72,000. This positioning was unlikely to yield profits unless Bitcoin climbed significantly. The overall sentiment expressed by Greeks.live suggested that conditions conducive for a rally were absent, largely due to weak capital inflows and ineffective follow-through on U.S. equities.

Ether’s Slightly Stronger Position

In contrast, Ether exhibited a stronger demand for downside protection as reflected in its higher put-call ratio. Shortly after the expiry, Ether managed to trade above its max pain level, indicating a marginally less defensive market stance compared to Bitcoin.

Looking Ahead

The expiry coincided with a recovery in demand for Bitcoin exchange-traded funds (ETFs), with U.S. funds reportedly receiving $233.1 million on July 30. Nonetheless, Bitcoin remains hindered by resistance near the $65,000 mark. For traders, the focus will now shift to whether momentum builds rolling into the August 28 monthly expiry, particularly with significant open interest already logging into the new month.