🚨 Today’s the Day: $6B+ in BTC & ETH Options Expire – Brace for Volatility | July 2025
Wall Street's crypto casino locks in bets as monthly derivatives contracts hit expiration. Tick-tock, traders.
Why This Matters:
Nearly 120K BTC and 1M ETH options contracts are set to settle—enough open interest to shake spot markets if whales start hedging. Cue the algorithmic traders scrambling to gamma-flip positions.
The Gamma Dance:
Market makers will be forced to dynamically hedge their exposures as strikes approach pinning zones. Watch for liquidity gaps near key psychological levels ($60K BTC, $3K ETH) as dealers adjust delta neutrality.
Post-Expiry Playbook:
Expect either a volatility vacuum (if most contracts expire worthless) or a violent repositioning rally (if dealers get caught short gamma). Either way, the CME gap at $58,742 BTC futures won't fill itself.
Fun fact: These monthly expiries now represent more notional value than most Fortune 500 companies' quarterly earnings. But sure, 'crypto lacks fundamentals.'
BTC expects dip on extended long liquidations
BTC may easily dip to the $114,000 range, where an accumulation of short positions may trigger an attack. Despite this, BTC retains its bullish factors, with a new accumulation of short positions all the way to $119,000.
Despite the complex trading, the end of the month has historically performed as a good entry point. BTC still expects a breakout to a new price range, despite temporary setbacks.
ETH retains the $3,600 range, though the token saw the largest share of long liquidations in the past 24 hours. ETH is traded with more exuberance, with signs of being overheated. The market dominance of ETH expanded to 11.4% as more traders switched their attention, while BTC dominance sank to 59.6%.
In the past 24 hours, ETH was a leader of liquidations, with $152.13M in predominantly long positions. BTC saw $152.04 in long positions liquidated.
BTC falls on signs of whale selling
BTC also faces added pressure from spot selling. Despite the general accumulation trend, in the short term some whales are sending their coins to exchanges.
Galaxy Digital, one of the intermediaries for both retail and institutional traders, has sent 11,910 BTC to multiple exchanges.
🚨 Is a BIG #BITCOIN SELL-OFF taking place?
Over the past 9 hours, #GalaxyDigital deposited 11,910 $BTC ($1.39B) to multiple exchanges.
These BTCs likely originated from the Bitcoin OG that offloaded 80,202 $BTC ($9.54B) at an average of $118,950 between July 15–18.
Notably,… https://t.co/8wySKm7Eai pic.twitter.com/Qy8t4xqTiI
— Spot On Chain (@spotonchain) July 25, 2025
The crypto service provider also kept sending a few hundred BTC to Bybit and Bitstamp.
The spot sales originating from the Galaxy Digital wallet follows a recent reawakening of a wallet from 2011. The wallet moved 3,962 BTC, after making a test transaction. The old whale wallet received the typical messages of proving coin ownership, which have made other whales MOVE their coins to new addresses and split them to avoid easy tracking.
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