{"id":33753,"date":"2026-07-03T07:26:49","date_gmt":"2026-07-03T07:26:49","guid":{"rendered":"https:\/\/bitunikey.com\/news\/1-9b-bitcoin-options-expiry-tests-btcs-60k-recovery\/"},"modified":"2026-07-03T07:27:09","modified_gmt":"2026-07-03T07:27:09","slug":"1-9b-bitcoin-options-expiry-tests-btcs-60k-recovery","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/1-9b-bitcoin-options-expiry-tests-btcs-60k-recovery\/","title":{"rendered":"$1.9B Bitcoin options expiry tests BTC\u2019s $60K recovery"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Bitcoin options traders faced another large expiry on July 3, with 31,000 BTC contracts settling at a notional value of about $1.9 billion.\u00a0<\/p>\n<div id=\"cn-block-summary-block_768e9460589df279aa7b65422c8729e1\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Bitcoin options expiry keeps $60K support in focus as traders demand short-term downside protection.<\/li>\n<li>Ether options show heavier put demand, pointing to stronger hedging needs around the $1,700 area.<\/li>\n<li>Weak ETF flows and cautious derivatives positioning keep crypto\u2019s Q3 outlook under pressure.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>GreeksLive said in a <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/GreeksLive\/status\/2072931894145265844?s=20\" target=\"_blank\" rel=\"nofollow\">July 3 update<\/a> that the batch had a put-call ratio of 0.7 and a maximum pain point of $61,000.<\/p>\n<p>The same update showed 135,000 ETH options expiring with a notional value of about $230 million. Ether\u2019s put-call ratio stood at 1.29, while its maximum pain level was $1,650. The higher put ratio showed stronger demand for downside protection in ETH than in BTC.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">July 3 Options  Data<\/p>\n<p>31,000 BTC options expired, with a put-call ratio of 0.7, a maximum pain point of $61,000, and a notional value of $1.9 billion.<br \/>135,000 ETH options expired, with a put-call ratio of 1.29, a maximum pain point of $1,650, and a notional value of $230 million.\u2026 <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/TLbWdla5fp\">pic.twitter.com\/TLbWdla5fp<\/a><\/p>\n<p>\u2014 Greeks.live (@GreeksLive) <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/GreeksLive\/status\/2072931894145265844?ref_src=twsrc%5Etfw\">July 3, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\"><strong>Bitcoin reclaims $60K, but risks remain<\/strong><\/h2>\n<p>Bitcoin moved back above the $60,000 level this week, but options data still showed a defensive market. GreeksLive said BTC gamma exposure was concentrated around $60,000, while ETH gamma exposure was centered near $1,700. Those zones may keep short-term price action tied to key strike levels.<\/p>\n<p>In a separate <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/GreeksLive\/status\/2072322323320095000?s=20\" target=\"_blank\" rel=\"nofollow\">market note<\/a>, GreeksLive said BTC\u2019s 25-delta skew remained negative across short-term maturities. The firm said puts continued to trade at a premium to calls, with the strongest demand focused on near-term contracts. That suggests traders are hedging immediate downside risk rather than changing long-term expectations.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Despite a mild recovery BTC&#8217;s 25 delta skew remains heavily skewed toward downside protection, with front end maturities continuing to trade near the most negative levels of the quarter. Current readings stand at -11.0% (1D), -11.0% (7D), and -8.0% (1M), highlighting persistent\u2026 <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/wrq0nBkLsh\">pic.twitter.com\/wrq0nBkLsh<\/a><\/p>\n<p>\u2014 Greeks.live (@GreeksLive) <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/GreeksLive\/status\/2071969023848300615?ref_src=twsrc%5Etfw\">June 30, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<h2 class=\"wp-block-heading\"><strong>ETF flows add pressure to sentiment<\/strong><\/h2>\n<p>The cautious options setup follows several weeks of weak spot demand. Bitcoin recently reclaimed $60,000 after softer U.S. macro expectations and easing oil prices helped risk assets recover. However, the same report noted that U.S. spot Bitcoin ETF outflows continued to weigh on the rebound.<\/p>\n<p>Previously, crypto.news reported that Bitcoin struggled to break above $60,000 as options flows and ETF selling kept buyers cautious. The report said U.S. spot Bitcoin ETFs saw nearly $1.79 billion in weekly outflows, their largest withdrawal of 2026.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Earlier expiries showed the same pattern<\/strong><\/h2>\n<p>The July 3 expiry was smaller than last week\u2019s end-of-quarter event, when BTC and ETH faced about $11 billion in expiring options. That larger settlement kept the $60,000 to $62,000 BTC range under close watch as traders tracked hedging flows around major strikes.<\/p>\n<p>As previously reported, another June expiry put the same $60K support zone in focus. GreeksLive said at the time that downside dealer exposure was concentrated near $60,000 to $62,000. The latest data shows that level remains important even after BTC\u2019s mild recovery.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Q3 outlook stays defensive<\/strong><\/h2>\n<p>GreeksLive said in its July 3 post that the crypto market\u2019s Q3 outlook remained weak as attention shifted toward U.S. stocks, artificial intelligence, semiconductors, and tokenized U.S. stock products. The firm also said Bitcoin\u2019s \u201clong-term downtrend has not yet ended,\u201d pointing to selling pressure from large holders and ETFs.<\/p>\n<p>CoinGlass <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/pro\/options\/OpenInterest\" target=\"_blank\" rel=\"nofollow\">options data<\/a> also showed total BTC options open interest falling after the large quarterly expiry. Lower open interest can reduce market depth in options, but it does not remove hedging pressure when traders keep paying for puts.<\/p>\n<div class=\"cn-block-disclaimer\">\n<div class=\"cn-block-disclaimer__icon\">\n            <svg class=\"icon icon-info\" aria-hidden=\"true\"><use xlink:href=\"#icon-info\"><\/use> <\/svg>        <\/div>\n<p class=\"cn-block-disclaimer__content\">\n            Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.        <\/p>\n<\/p><\/div>\n<p><!-- .cn-block-disclaimer --><\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin options traders faced another large expiry on July 3, with 31,000 BTC contracts settling at a notional value of about $1.9 billion.\u00a0 Summary Bitcoin options expiry keeps $60K support&hellip;<\/p>\n","protected":false},"author":1,"featured_media":33754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-33753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=33753"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33753\/revisions"}],"predecessor-version":[{"id":33755,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33753\/revisions\/33755"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/33754"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=33753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=33753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=33753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}