A combined $2.13 billion in Bitcoin and Ethereum options expired on July 3, offering a key snapshot of investor sentiment. Approximately 31,000 Bitcoin options with a notional value of $1.9 billion expired, carrying a maximum pain point of $61,000. Ethereum's 135,000 options worth $230 million expired with a notably defensive put-call ratio of 1.29.
This elevated ratio indicates traders are hedging against further downside. Both assets saw significant price recovery, with Bitcoin reclaiming the $60,000 level and Ethereum trading near $1,738. However, the overall positioning suggests the market remains cautious, bracing for continued volatility rather than anticipating a decisive breakout.
Macro trends, including interest in AI and tokenized stocks, continue to influence broader crypto market dynamics.