BTC options worth $12.3B to expire on July 25

Nearly $12.3 billion worth of Bitcoin (BTC) options are set to expire at 08:00 UTC on July 25, according to data from crypto options exchange Deribit. The put/call ratio stands at 0.92, and the max pain price is $112,000. At the same time on the same day, around $2.7 billion in Ethereum (ETH) options will mature. The put/call ratio is 0.87, and the max pain price is $2,800. The max pain price is when the cryptocurrency price settles at a specific value as an option nears its expiration date, resulting in financial losses for the largest number of options traders.