The Order Book(@OrderBookShow):22,000 BTC option contracts, roughly $1.4B notional expire today. On the surface, that sounds like a recipe for volatility, but it's worth digging a level deeper. Current positioning is relatively balanced, with a put/call ratio of 0.90, while max pain sits near $61,000. Neither metric guarantees where price is headed, but they do give us context for how participants are positioned into today's settlement. The expiry is the event. The reaction is the signal.

The Order Book

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The Order Book@OrderBookShow

2026.07.10 09:30

22,000 BTC option contracts, roughly $1.4B notional expire today. On the surface, that sounds like a recipe for volatility, but it's worth digging a level deeper. Current positioning is relatively balanced, with a put/call ratio of 0.90, while max pain sits near $61,000. Neither metric guarantees where price is headed, but they do give us context for how participants are positioned into today's settlement. The expiry is the event. The reaction is the signal.