Crypto markets face significant volatility as $15.4 billion in Bitcoin and Ethereum options contracts expire on July 25, 2025. According to Deribit data, this monthly expiry includes $12.66 billion in Bitcoin options (103,584 contracts) and $2.75 billion in Ethereum options (733,000 contracts), with a put/call ratio of 0.88 for BTC and 0.87 for ETH – indicating dominant call positions despite underlying bearish sentiment.
The maximum pain point sits at $112,000 for Bitcoin and $2,800 for Ethereum, levels where most option holders would incur maximum losses. Current prices ($115,750 BTC and $3,600 ETH) hover above these thresholds, suggesting potential downward pressure. Greeks.live analysts report traders persistently hold loss-making put positions, with 90% losses observed, reflecting expectations of further declines despite recent market strength.
This event exceeds last week's $5.76 billion expiry but falls short of June's $17 billion H1 expiry. Market conditions have deteriorated ahead of expiry, with total crypto capitalization dropping $100 billion in 12 hours to $3.87 trillion. Bitcoin fell 3% to a two-week low of $115,750, while Ethereum dipped below $3,600. The expiry occurs at 8:00 UTC on Deribit, after which markets historically stabilize as traders adjust positions.