A batch of Bitcoin and Ethereum options contracts worth approximately $1.43 billion expired on Friday, July 17, 2026, with the event drawing limited attention as it was far smaller than typical monthly and quarterly settlements. Around 19,000 BTC options with a notional value of $1.2 billion expired, alongside roughly 131,000 ETH options worth $230 million. The combined notional value represented only about 5% of total outstanding options, making it unlikely to trigger significant spot-market movements.
Data from derivatives analytics provider Greeks.live showed the Bitcoin options had a put/call ratio of 0.9 and a maximum pain point of $63,000, while Ethereum’s put/call ratio stood at 1.61 with a max pain level of $1,800. The elevated ETH put/call ratio underscored persistent demand for downside protection, a trend that has lasted for about a month. Deribit, the leading exchange for crypto options, reported similar figures and noted that the event was too small to inject major volatility.
Bitcoin remained locked inside its month-long trading range between $60,000 and $65,000, and Ethereum hovered near $1,850 after losing mid-week gains. Open interest concentration was notable at the $64,000 and $70,000 BTC strikes, while bullish block trades increased even as overall options activity stayed muted. Greeks.live observed that while puts continue to trade at a premium to calls, the premium has become more uniform, signaling less panic about an immediate crash.
