Bitcoin rises to $66,200 after $1.2B options expiry

About $1.2 billion of Bitcoin options contracts expired on July 17, and Bitcoin subsequently traded around $66,200 as ETF inflows and large-wallet purchases coincided with the settlement. The expiry removed a cluster of contracts concentrated in the $60,000–$65,000 range.

Roughly 19,000 Bitcoin options contracts settled with a notional value near $1.2 billion, a put-call ratio of about 0.9 and a maximum-pain level at $63,000. Ethereum expiries that day added an estimated 123,000 contracts worth about $230 million and carried a heavier put bias with a 1.61 put-call ratio. Combined, about $1.43 billion in crypto options exposure rolled off. The notional figures represent face value of the underlying coins; the premiums actually at risk were a fraction of those amounts.

The July 17 expiry removed a relatively small slice of open interest compared with larger quarterly settlements. An earlier July 10 batch cleared roughly 7% of outstanding options. Market data show expiries of this size have not consistently produced sustained directional moves.

Capital flows during mid-July showed net inflows to U.S. spot Bitcoin ETFs over five consecutive sessions and two straight weeks of positive flows, led by BlackRock’s IBIT after an eight-week period of outflows. Cumulative ETF inflows for July were roughly $200 million, compared with estimated June outflows near $4.5 billion. Softer U.S. inflation data and a rebound in Asian technology stocks occurred in the same period.

Large holders accumulated supply before and after the expiry. Wallets holding between 1,000 and 10,000 BTC added about 66,700 coins over the previous 60 days, the largest accumulation by that cohort since February. Futures open interest rose to about $32 billion, and reported trading volume increased more than 80% on the day the price advanced.

Market liquidity metrics showed constraints. The Fear & Greed Index was near 29, in the “fear” range. Stablecoin liquidity contracted by an estimated $2.3 billion from pools, reducing available cash for spot buying. Oil traded above $91 per barrel and the Federal Reserve meeting scheduled for July 28–29 remained on the calendar as a potential influence on risk appetite. Market levels to watch included near-term support around $64,000 and a next visible support level near $62,000 if prices fell below that threshold.

Options positioning provided bookkeeping information: the maximum-pain level indicates where option sellers would incur the smallest total payout, and the July 17 maximum-pain point was $63,000. Historical data show inconsistent pinning effects from quarterly expiries on major platforms.

After the July 17 settlement, ETF inflows, accumulation by large holders and increased futures activity were recorded alongside the price rise to roughly $66,200.