BlockBeats News, July 17th, Greeks.live reported that on July 17th, a total of 19,000 BTC options expired, with a Put Call Ratio (PCR) of 0.9. The maximum pain point was $63,000, with a notional value of approximately $12 billion. At the same time, 123,000 ETH options expired, with a PCR of 1.61. The maximum pain point was $1800, with a notional value of around $2.3 billion.

On the market front, BTC continued to trade above $60,000 this week, oscillating in the $60,000 to $65,000 range for over a month. The significant volatility in the US stock market, SpaceX, and the storage sector has not yet had a notable impact on the crypto market.

In terms of options open interest, around 5% of options expired this week, with a slight decrease in overall open interest mainly due to lower market volatility, leading to fewer trading opportunities. BTC Gamma Exposure (GEX) is mainly concentrated around $64,000 and $70,000, while ETH GEX is focused on the $1825 to $2000 range, with a relatively scattered distribution. Some traders have begun to explore a rebound through the deployment of shallow out-of-the-money options.

Recently, the proportion of large bullish trades has continued to rise, mainly dominated by buying short-term bullish spread strategies.

It is worth noting that the ETH Put Call Ratio has been above 1 for a month, reaching 1.61 this week. The bearish option open interest remains at a high level, indicating a significant market divergence on ETH's future direction, intensifying the bullish vs. bearish sentiment.