$1.9B Bitcoin options expiry tests BTC’s $60K recovery

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. 

GreeksLive said in a July 3 update that the batch had a put-call ratio of 0.7 and a maximum pain point of $61,000.

The same update showed 135,000 ETH options expiring with a notional value of about $230 million. Ether’s 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.

Bitcoin reclaims $60K, but risks remain

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.

In a separate market note, GreeksLive said BTC’s 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.

ETF flows add pressure to sentiment

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.

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.

Earlier expiries showed the same pattern

The July 3 expiry was smaller than last week’s 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.

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’s mild recovery.

Q3 outlook stays defensive

GreeksLive said in its July 3 post that the crypto market’s 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’s “long-term downtrend has not yet ended,” pointing to selling pressure from large holders and ETFs.

CoinGlass options data 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.