Over $5.8 Billion in Ethereum and Bitcoin Options Expired Today: What to Expect?

According to data shared by Wu Blockchain, over $5.8 billion in crypto options expired today, with Ethereum leading the action.

A total of 41,000 BTC options and 240,000 ETH options reached expiry on July 18, marking one of the most significant delivery days this quarter.

Ethereum dominance emerges in options expiry

Ethereum clearly took the spotlight. It saw a total notional value of $880 million expiring today, with a Put/Call Ratio of 1.0 and a max pain point of $2,950. Notably, ETH has broken decisively above $3,650 in recent days, triggering renewed bullish sentiment. The uninterrupted rally—with no meaningful pullbacks—has invigorated traders, with ETH implied volatility (IV) for major terms now spiking to as high as 70%.

ETH option open interest data from Greeks.Live reveals a strong skew toward bullish bets beyond the July 18 expiry, especially for the July 25 and September 26 terms. Calls continue to dominate, with the overall ETH Put/Call Ratio sitting at just 0.48, signaling strong upside bias in future positioning.

Bitcoin stays strong but calm, max pain at $114K

While Ethereum soared, Bitcoin remained more stable. The 41,000 BTC options that expired today had a combined notional value of $4.93 billion, with a Put/Call Ratio of 0.78 and a max pain point of $114,000. Despite briefly touching its all-time high around $120,000, BTC has mainly ranged tightly.

BTC implied volatility rebounded slightly, now steady around 40%. However, large block call buying in the past two weeks—comprising over 30% of trades—indicates institutional bets are still bullish. As ETH’s momentum picks up, BTC could follow if sentiment carries over.

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What’s next?

With July 18’s massive expiry behind us, traders will turn their focus to the July 25 and September 26 expiries. Ethereum’s sharp rise and option market dominance suggest bullish momentum may persist in the short term. However, with elevated IV and high call concentrations, volatility could surge if sentiment shifts. For now, the market is tilting optimistic—but caution may return quickly if ETH stumbles.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.