Ahead of options expiry, Bitcoin has dropped nearly 3% to $115,000 amid selling pressure, including a reported 30,000 BTC sell-off by Galaxy Digital.
By Bhushan Akolkar
Editor Julia Sakovich
Updated
2 mins read
Bitcoin BTC $117 425 24h volatility: 0.1% Market cap: $2.34 T Vol. 24h: $87.74 B , along with the broader crypto market, is facing some volatility ahead of the $12 billion BTC options expiry on July 25. The BTC price is facing selling pressure and is down 2.71% at $115,000 levels, with daily trading volumes shooting to $94 billion.
Furthermore, following $1 billion in crypto market liquidations on July 24, altcoins are taking a pause. With a total of $15 billion in Bitcoin and Ethereum ETH $3 719 24h volatility: 1.7% Market cap: $448.80 B Vol. 24h: $45.85 B options expiring today, the market is bracing for volatility.
🚨 Options Expiry Alert 🚨
Tomorrow, over $15.4B in BTC and ETH options are set to expire on Deribit.$BTC: $12.66B notional | Put/Call: 0.88 | Max Pain: $112K$ETH: $2.75B notional | Put/Call: 0.87 | Max Pain: $2,800
Last month's H1 expiry hit $17B. This week's is not far… pic.twitter.com/5nFSk7qDPg
— Deribit (@DeribitOfficial) July 24, 2025
A total of $11.94 billion in Bitcoin options are set to expire today, with open interest amounting to 103,584 contracts, according to data from Deribit. The Put/Call Ratio (PCR) stands at 0.93, indicating a slightly bullish sentiment as Call options outnumber Puts. This suggests that traders are cautiously optimistic about Bitcoin’s short-term price direction.
Bitcoin options expiry | Source: Deribit
The maximum pain point for today’s expiry is $112,000, the level at which the largest number of option holders, both buyers and sellers, would incur the greatest losses.
BTC price has already come under selling pressure earlier today, correcting nearly 3% and slipping to $115,000 levels as of press time. This selling pressure comes as Mike Novogratz’s Galaxy Digital dumped around 30,000 BTC, received from OG Bitcoin whales in the previous week. The BTC futures open interest is still up by 7% to $88.54 billion.
Another derivatives platform Greeks.live noted that the sentiment among the group of options traders is predominantly bearish.
https://t.co/n0OcjSGEsP Community Daily Digest
Published: 2025-07-24
Overall Market Sentiment
The group shows a predominantly bearish sentiment with traders holding put positions despite significant losses. Most traders are focused on potential downward moves, with key…
— Greeks.live (@GreeksLive) July 24, 2025
Ethereum options contracts with a notional value of $2.65 billion are set to expire today, with a total open interest dominated by 737,361 call options, according to Deribit data. The put-to-call ratio stands at 0.88, suggesting a bullish tilt as buy orders exceed sell orders. The maximum pain point for today’s expiry is $2,900.
Ethereum Options Expiry | Source: Deribit
This week’s expiration volume is significantly lower than last week’s $5.76 billion, as today marks the final Friday of July, closing out the $14.59 billion in total monthly options.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.