Deribit Data: Nominal Value Over 5.6 Billion USD BTC and ETH Options Expiring This Friday
On July 17, the market will face over 5.6 billion USD in BTC and ETH options expiring this Friday (Beijing time tomorrow at 16:00).
According to current data from Deribit, the total open interest for BTC options this Friday is 41,208 contracts. Among them, the open interest for call options is 24,348 contracts, and for put options, it is 16,861 contracts, with a put/call ratio of 0.69, corresponding to a nominal value of nearly 4.885 billion USD. The current maximum pain price for BTC is 113,000 USD.
Meanwhile, the total open interest for Ethereum options is 219,962 contracts. Among them, the open interest for call options is 109,574 contracts, and for put options, it is 110,388 contracts, with a put/call ratio of 1.01, corresponding to a nominal value of 763 million USD. The current maximum pain price for ETH is 2,900 USD.
In summary, from the perspective of the put/call ratio in the options market, current market participants show a short-term bullish tendency towards BTC options, while exhibiting a short-term bearish sentiment towards ETH options. This discrepancy in indicators clearly reflects traders' vastly different viewpoints and expectations regarding the short-term trends of the two major cryptocurrencies.
This divergent trend not only reflects the supportive effect of continuous capital inflow into BTC spot ETFs but also exposes the market's cautious attitude towards the short-term technical aspects of ETH. Additionally, the concentrated delivery of options expiration may exacerbate market volatility. Therefore, investors should be wary of potential technical fluctuations at key psychological price levels (round numbers).
Finally, regarding the differing viewpoints and expectations in the current BTC and ETH options market, what kind of risk response strategy will you adopt?
