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Bitcoin options max pain held as $1.2 billion expiry passed on Deribit

Deribit reported that roughly 19,000 Bitcoin options expired, with max pain set at $64,500, while Bitcoin closed at $64,140.

Reported · Written up by our desk · Bitcoin

Bitcoin spent most of July pinned in a tight range, but after options contracts cleared on two straight Fridays, the market still ended up close to where it started, leaving traders with less of a technical explanation for the lack of movement, according to CryptoSlate. For Friday's expiry, about 19,000 Bitcoin options tied to a face value of roughly $1.2 billion expired on Deribit at 08:00 UTC. The exchange set max pain for that settlement at $64,500, and Bitcoin closed the day at $64,140, about $360 below the max-pain level. CryptoSlate noted that Bitcoin failed to hold $66,000 during the week and later slipped back through the level that positioning was meant to defend. The report said the expiry initially opened at $65,099 and traded as low as $63,740 during the day. The outlet added that max pain is just a calculation of where option sellers would owe the least at settlement, not a mechanism that pushes price toward that level. It also cited Ethereum options contributing about $234 million to Friday's settlement, with max pain at $1,875 and a put-call ratio of 1.

Latest closeBitcoin $64,652.55 ▲0.5%|Ethereum $1,911.12 ▲2.0%

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