31,000 BTC Options Expire, Putting the $60K Strike Back in the Spotlight

A July 3 options expiry involving 31,000 Bitcoin contracts — about $1.9 billion in notional value — has refocused the market on Bitcoin's uneasy hold above $60,000. Key expiry stats - BTC: 31,000 contracts expired (notional ≈ $1.9B); put/call ratio 0.7; max pain $61,000. - ETH: 135,000 contracts expired (notional ≈ $230M); put/call ratio 1.29; max pain $1,650. Why traders care The size of the BTC expiry was meaningful enough to gauge whether the latest move back above $60,000 can sustain. GreeksLive said gamma exposure in BTC options is clustered around the $60,000 strike, while ETH gamma is concentrated near $1,700. Those strike areas often act as short-term price "magnets" as dealers hedge. Positioning signals were not straightforward. Bitcoin's aggregate put/call ratio stayed below 1, implying call demand exceeded put demand overall. At the same time, GreeksLive noted Bitcoin's 25-delta skew remains sharply negative in the front end, with short-maturity readings at 11.0% (1D), 11.0% (7D) and 8.0% (1M). That skew indicates short-dated puts are priced at a premium, suggesting traders are paying up to hedge near-term downside risk rather than expressing broader bullish conviction. Ether looked more defensive: its higher put/call ratio (1.29) pointed to stronger demand for downside protection in ETH than in BTC. Macro and flows Bitcoin's modest rebound above $60,000 came as U.S. macro expectations softened and oil prices eased, helping risk assets stabilize. ETF flows have remained a headwind. Industry reports cited nearly $1.79 billion of weekly outflows from U.S. spot Bitcoin ETFs, described as the largest weekly withdrawal of 2026, keeping buyers cautious. Context versus prior expiries The July 3 expiry was far smaller than last week's end-of-quarter event, when about $11 billion in BTC and ETH options rolled off. That larger expiry helped keep hedging flows concentrated around the $60,000–$62,000 zone. June expiries also showed dealer exposure clustered in the same area, and the latest data suggests the $60,000–$62,000 range remains a key battleground even after the recent bounce. Liquidity and the broader view GreeksLive described the crypto market's Q3 outlook as weak, with attention shifting toward U.S. equities, AI, semiconductors and tokenized stock products. The firm also said Bitcoin's "long-term downtrend has not yet ended," citing selling from large holders and ETFs. CoinGlass data showed total BTC options open interest declined after the major quarterly expiry. Lower open interest can reduce market depth, even if hedging demand persists due to continued put buying. Bottom line The July 3 options expiry reinforced a cautious tone: $60,000 in BTC and roughly $1,700 in ETH remain central strike levels, short-dated downside hedges are expensive, and spot Bitcoin ETF outflows continue to cap the recovery. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.