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📊 July 31 Options Expiry Snapshot BTC Options 🔸 149,000 contracts expired 🔸 Put/Call Ratio: 0.28 🔸 Max Pain: $64,000 🔸 Notional Value: $9.6B ETH Options 🔹 435,000 contracts expired 🔹 Put/Call Ratio: 0.63 🔹 Max Pain: $1,850 🔹 Notional Value: $830M Market Takeaways Bitcoin spent most of the week trading around $64K, with the $65K+ area continuing to act as resistance due to the heavy trading activity from the earlier rally. Despite sharp swings in U.S. equities, crypto hasn't attracted meaningful capital. Even stock market rebounds have failed to lift digital assets, suggesting that fresh liquidity is still lacking. In fact, some crypto-related U.S. equity products are now seeing higher trading activity than many crypto assets themselves. Options positioning remains interesting: 📌 Around 30% of outstanding options expired this week. 📌 BTC's PCR remains very low at 0.26, showing relatively light demand for downside protection. 📌 ETH continues to carry comparatively higher put open interest. 📌 Implied volatility has stayed depressed for roughly three months, leaving room for a volatility expansion if capital begins flowing back into the market during Q3. After an extended period of weak price action, crypto still appears to be waiting for a meaningful liquidity catalyst. Until participation improves, many traders may prefer to focus on opportunities in U.S. equities while using options strategies to manage crypto exposure. Not financial advice. Always do your own research. #SoftPCEStrongDemand #AMZNMissesButRallies #MSFT450BInADay $BTC $ETH $SNDK