💰 Crypto Options Doom? 😱

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Hark! A most curious and troubling matter doth unfold within the digital markets! ‘Tis said, and I confess with a weary sigh, that a veritable deluge of these… *options* – some 103,500 Bitcoin contracts, amounting to a princely sum of twelve billion, six hundred million – shall expire this very day, the twenty-fifth of July. A spectacle indeed!

Now, some learned scholars (or perhaps merely those who claim to be such) assure us that this event, though grand in scale, shall not unduly disturb the fortunes of honest merchants. Yet, the markets have been exhibiting a most disagreeable disposition this week, teetering upon the brink as they are. A most inauspicious timing, wouldn’t you agree? 🤔

As the esteemed house of Deribit doth observe, “Last month’s expiry saw seventeen billion! This week, though a trifle less ostentatious, nears that prodigious amount, encompassing both Bitcoin and Ethereum options.”

Of Bitcoin Options and Their Perilous Expiry

This current batch of contracts, I am informed, favors the hopeful—more ‘calls’ than ‘puts’, as they term it. A rather optimistic bent, if I may say so. However, alas, the most likely point of grief (a ‘max pain point’, they call it with such detachment!) lies at 112,000, some four thousand below the current price. ‘Tis there, good sirs, where most shall find themselves lamenting their investments. 💸

There is much chatter concerning a strike price of 140,000, where a staggering three billion is wagered. And lo, speculators, ever eager to chase fortune, have piled their coins at 120,000 and 130,000 as well! Such folly! Such audacity!

A most urgent proclamation from the scribes of Deribit:

“Tomorrow, a veritable hoard – over fifteen billion – of Bitcoin and Ethereum options will meet their fate upon the exchanges of Deribit! Bitcoin: twelve billion, six hundred and sixty million; Put/Call ratio: 0.88; Max Pain: 112,000. Ethereum: two billion, seven hundred and fifty million; Put/Call ratio: 0.87; Max Pain: 2,800.”

Last month’s display of wealth was a spectacle indeed, and this week’s… is not far behind…”

— Deribit (@DeribitOfficial) July 24, 2025

The soothsayers at Greeks Live, those dour prophets of the derivative arts, remain steadfast in their gloom. They claim a ‘bearish sentiment’ prevails, with traders clinging to their losing ‘put’ positions with a stubbornness that defies all reason.

“These merchants, it seems, are fixated on decline, speaking of volatility at 30%,” they report, adding with a touch of sardonic amusement, “Despite suffering losses of ninety percent on their ‘put’ bets, they cry out for ‘more’—rather than, heaven forbid, acknowledging their errors!”

And let us not forget the Ethereum contracts – some 733,000 of them, worth two billion, seven hundred and fifty million, with a ‘max pain’ of 2,800. Thus, the total expiry this day amounts to fifteen billion, four hundred million. A sum enough to make a king weep! 😭

The Markets Do Stumble

Alas, ’tis as I feared! The markets have begun their descent! The total wealth of these digital realms has diminished by a hundred billion within but twelve hours, falling to three trillion, eight hundred and seventy billion. A most disheartening spectacle!

Bitcoin, that vaunted sovereign of the crypto-verse, has led the retreat, plunging three percent and sinking below 116,000. It has even fallen to a paltry 115,750, and shows no signs of halting its downward trajectory. Ethereum, though slightly more resilient, has also dipped below 3,600.

And the dreams of an ‘altseason’—a rising tide lifting all boats—are once again dashed upon the rocks! Solana, Dogecoin, and Hyperliquid are all bleeding, their value dwindling like a candle in a gale. Truly, a most lamentable state of affairs! 🎭

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2025-07-25 08:32