VISI.NEWS | BANDUNG – The cryptocurrency market is on edge as options contracts worth $14.59 billion are set to expire on Friday, July 25, marking one of the most significant expiry events since the end of H1 2025.

According to data from Deribit, the expiring contracts entirely for July, include $11.94 billion in Bitcoin options and $2.65 billion in Ethereum options. Analysts highlight that the scale of this expiry is just slightly below last month’s $17 billion H1 expiry, making it a potential trigger for sharp price swings.

For Bitcoin, the total open interest stands at 103,584 contracts, with a put-to-call ratio of 0.93, suggesting a cautious yet slightly bullish sentiment. The “maximum pain” point—where most option holders incur losses—is estimated at $112,000.

Ethereum options, with a dominant 737,361 open call contracts, show a put-to-call ratio of 0.88. Its max pain level is $2,900, a potential magnet as expiry approaches.

Despite recent losses, many traders are holding onto put positions, signaling bearish expectations amid concerns the market may be overheated. Analysts from Greeks.live report that implied volatility remains around 30%, with traders wary of large market-moving events, including recent Bitcoin movements linked to Elon Musk.

Notably, SpaceX recently transferred $153 million worth of Bitcoin after a long dormancy, triggering speculation about Musk’s crypto intentions. Simultaneously, over $47 million in call options were placed on Tesla (TSLA) stock ahead of its Q2 2025 earnings report, another high-stakes gamble that ended with slight disappointment as earnings missed expectations.

As the expiry window closes at 08:00 UTC, the market may experience a temporary spike in volatility, but analysts expect conditions to stabilize soon after, with traders adjusting to new positions and market dynamics. @ffr