Bitcoin Rises as $1.2B Options Expiry Near $63,000 Clears

About 19,000 Bitcoin options contracts with a notional value near $1.2 billion settled on July 17, removing a cluster of positions concentrated around $63,000. By July 21, Bitcoin traded near $66,200 while spot volumes and futures activity rose.

The expiring Bitcoin contracts showed a put-call ratio of about 0.9 and a maximum-pain level at $63,000, the price point where option sellers would have faced the least payout. Ethereum contracts also settled on July 17, roughly 123,000 contracts with a notional value near $230 million and a put-call ratio near 1.61. Combined, about $1.43 billion of crypto options exposure rolled off. Notional exposure refers to the underlying amount; the option premiums at risk were a much smaller share of those figures.

The July 17 settlement removed a modest slice of outstanding options compared with larger monthly and quarterly expiries. A July 10 settlement cleared about 7% of outstanding options; the July 17 expiry represented a smaller share of open interest.

On the derivatives side, futures open interest rose to about $32 billion around the expiry. Reported spot trading volume jumped more than 80% on the day of the roll-off.

US spot Bitcoin exchange-traded funds recorded five consecutive sessions of inflows and two straight weeks of net positive flows after an eight-week outflow streak. One large ETF led inflows during that period. July cumulative ETF inflows were roughly $200 million, following about $4.5 billion of outflows in June.

Large holders increased holdings beneath those flows. Wallets holding between 1,000 and 10,000 BTC added roughly 66,700 coins over the prior 60 days, the largest accumulation by that cohort since February.

Market indicators showed caution despite the price rise. The Fear & Greed Index was near 29, in the “fear” range. Spot volumes remained lower than in prior months. Reported stablecoin liquidity declined by about $2.3 billion, which reduced available on-chain liquidity. Oil traded above $91 per barrel ahead of the Federal Reserve meeting scheduled for July 28–29.

If spot price falls below $64,000, $62,000 would be the next nearby support level to watch.

The July 17 options expiry removed a visible concentration of contracts near $63,000 while ETF inflows, higher futures activity and concentrated accumulation by larger holders took place as price moved higher.