Options Expiry or Options Expiry-cited? $2.2B in $BTC, $ETH, $XRP Bets Hit the Wire 🎰

Roughly $2.2 billion in cryptocurrency options contracts across Bitcoin, Ethereum, and XRP are set to expire today, July 3, according to Deribit data, as the crypto market rebounds ahead of the settlement. Bitcoin (BTC) prices have climbed more than 6% to $62,000 since last week, with Ethereum (ETH) and XRP also posting gains.

Deribit data shows $1.9 billion in Bitcoin options expiring with a put/call ratio of 0.70 and a max pain price of $61,000, below the current $61,626 market price. The exchange's data indicates a higher probability of contracts settling above the $61,500 strike price, while traders are positioning in $64,000, $66,000, and $70,000 calls for upcoming weekly and monthly expiries. Over the past 24 hours, call options trading volume has outpaced puts, producing a bullish put/call ratio of 0.75.

The broader crypto market saw nearly $300 million in short liquidations over the last 24 hours after U.S. nonfarm payrolls came in below expectations. Analysts at 10x Research have pointed to July seasonality as a contributing factor to bullish sentiment, while falling implied volatility and a rising 25-delta skew suggest a shift from panic to stability.

Additional Ethereum and XRP options are also part of today's expiry batch, with traders opening call positions across both assets in anticipation of further upside. Deribit's data remains the primary reference for strike prices, notional values, and ratio readings cited across coverage.

GasCope will continue to monitor settlement flows and post-expiry positioning across the three assets as results are published by Deribit and other derivatives venues.