Around 36,800 Bitcoin options contracts will expire on Friday, July 11, and they have a notional value of roughly $4 billion.

This event is larger than last week’s expiry but unlikely to be enough to influence spot markets, which have performed better towards the end of the week.

US President Trump’s tariff deadline came and went with tariffs imposed on countries that did not make a prior deal with Uncle Sam. As predicted, Bitcoin reached an all-time high and has moved into new price discovery.

Bitcoin Options Expiry

This week’s batch of Bitcoin options contracts has a put/call ratio of 0.94, meaning that there are slightly more calls expiring than put contracts. There is also a max pain point of $107,000, around $9,000 below current spot prices, which is where most losses will be made on contract expiry.

Open interest (OI), or the value or number of BTC options contracts yet to expire, is highest at $120,000, with almost $2 billion at this strike price. There is also $1.8 billion OI at $115,000 and $1.7 billion OI at $140,000 as bullish speculators load up on contracts.

Options Expiry Alert

Over $4.6B in crypto options expire tomorrow at 08:00 UTC on Deribit.$BTC: $3.99B notional | Put/Call: 0.94 | Max Pain: $107K$ETH: $609M notional | Put/Call: 1.04 | Max Pain: $2,550

Bitcoin hit $112K overnight, but with long gamma at $110K, dealer… pic.twitter.com/ZgZwsgwQRO

In its weekly update, crypto derivatives provider Greeks Live said the group showed “limited market discussion with focus on Trump’s trade deals and Truth Social crypto ETF developments.”

It added that there was “minimal consensus” on market direction, with most activity centered around news events rather than price analysis.

“Option buyers are holding onto positions despite mounting theta decay—reluctant to exit, yet uneasy to remain,” reported Deribit.

However, these comments were before Bitcoin surged to a new all-time high above $117,000.

In addition to today’s batch of Bitcoin options, there are around 238,000 Ethereum contracts that are also expiring, with a notional value of $609 million, a max pain point of $2,550, and a put/call ratio of 1.04. This brings Friday’s combined crypto options expiry notional value to around $4.6 billion.

Crypto Market Outlook

Crypto markets have surged 4% over the past 24 hours to reach $3.7 trillion total capitalization, the highest level since January.

The move has been driven by Bitcoin, which surged to an all-time high of over $117,300 following a 5.5% daily gain during late trading on Thursday. The asset is now trading in new price discovery, having broken out of its two-month sideways channel.

Ethereum has also broken out with a 6.5% daily surge to come just shy of $3,000. The asset was trading at a five-month high of $3,000 at the time of writing during the Friday morning Asian session.

The altcoins were all in the green with larger gains for Dogecoin, Cardano, Sui, and Hedera.