149,000 BTC Options Expire With $9.6B Notional Value Today

Massive options expiry sees 149k BTC and 435k ETH contracts settle. BTC PCR at 0.28 signals low hedging, while max pain sits at $64,000.

Woofun AI data shows that 149,000 BTC options expired today with a notional value of $9.6 billion and a Put Call Ratio of 0.28. The maximum pain point for BTC was recorded at $64,000. Simultaneously, 435,000 ETH options settled with a notional value of $830 million, a PCR of 0.63, and a maximum pain point at $1,850.

Bitcoin prices have hovered near $64,000 this week, facing downward pressure from high-volume zones above $65,000. Despite significant volatility in U.S. equities, capital did not flow into crypto assets during stock declines, nor did equity rallies lift crypto prices. Trading volumes in crypto-related stock products currently exceed those of many digital assets, limiting upside potential. With 30% of options expiring this week, bullish Gex values remain dispersed while bearish positions show concentration. Bitcoin’s monthly PCR of 0.26 indicates minimal put holdings, whereas Ethereum maintains higher put option levels. Implied volatility has remained low for a quarter, with short-term trading focus shifting toward U.S. stocks amid an eight-month crypto bear market.