On July 3rd, a new round of options expired in the encryption market. Approximately 31 million bitcoin options were settled, with a nominal value of approximately $1.9 billion. The focus of the market remains on whether the BTC can hold on to $60 million, while short-line risk avoidance needs are stronger, as shown by the Taifeng position.

BTC fluctuations around $60,000

GreenksLive data show that the drop-up ratio of the bitcoin options is 0.7, with the worst point of pain at $61,000. Although Bitcoin is back on its feet this week, the derivatives market has not clearly turned to an offensive.

According to BTC, the gamma exposure was concentrated in the vicinity of $60,000, which meant that short-line prices could still fluctuate around this implementation. Another data also indicates that 25-delta skew of short-term contracts continues to be negative, suggesting that lower options prices are still higher than higher and traders are more willing to pay premiums for short-term protection.

ETH, I'm looking for more protection.

The same date also expired with about 135,000 tablets of the Taifeng right, with a nominal value of about $230 million. The drop-up ratio is 1.29, with the worst point of pain at $1650.

There is a stronger demand for a fall-over option than for a bitcoin. GreensLive notes that the exposure of ETH to gamma is concentrated in the vicinity of $1700, indicating that this price area remains an important reference point for short-term transactions. The higher Put-Call rateo also reflects the greater willingness of the market to hedge the risks of going down the Ether.

  • The BTC option maturity scale is approximately 31 000
  • BTC About $1.9 billion in nominal terms
  • ETH Approximately $230 million in nominal terms

ETF financial flows continue to press.

Bitcoin had previously returned to the top of $60,000, benefiting to some extent from the weakening of the United States macro-predict and the fall in oil prices, as well as from the overall recovery of risk assets. However, spot demand has not improved simultaneously.

Reports indicate that United States spot bitcoin ETFs continue to emerge and continue to suppress the market rebound. In the previous week, such net outflows of ETFs had been close to US$ 17.99 billion, the largest one-week withdrawal since 2026. The weakness of spot purchase boards also allows derivative traders to maintain a more cautious position.

The third quarter is still defensive.

Compared to the end of last quarter when about $11.1 billion of the BTC and ETH options expired, the end of the round on 3 July was significantly smaller, but there was no significant improvement in the market structure. The most recent data indicate that the importance of the region has not decreased.

GreeksLive argues that, after the third quarter, the encryption market as a whole remains weak, and that financial attention is shifting to US stock, artificial intelligence, semiconductor and monetized equity products. At the same time, CoinGlass data show that after the large-scale expiry of the quarter, the total amount of the Bitcoin option contracts fell. Uneven fallback may weaken the depth of the options market, but while the demand for protection remains high, market defences have not subsided.