Nearly $1.5 billion worth of Bitcoin and Ethereum options contracts are set to expire today, July 19, 2026. The combined notional value makes this one of the largest monthly expirations so far this year. Traders are watching closely as the event often triggers increased trading volume and short-term price swings.
The size of the expiry
The $1.5 billion figure covers both call and put options on Bitcoin and Ethereum. While the exact split between the two assets isn't public, Bitcoin typically accounts for the majority of open interest in crypto options markets. Monthly expiries of this magnitude are rare — the last comparable event was in June, when roughly $1.3 billion in contracts rolled off.
How options expiry works
Options give buyers the right, but not the obligation, to buy or sell an asset at a preset price before the contract expires. On expiry day, traders must decide whether to exercise their options or let them lapse. That decision-making process often leads to a flurry of activity as market participants close out positions or roll them forward to future dates. The so-called “max pain” price — the level where the most options expire worthless — can act as a magnet for the underlying asset's price in the hours around expiry.
What traders are watching
With no major macroeconomic data due today, the options expiry is the main event for crypto markets. Some traders will be looking for whether Bitcoin and Ethereum hold above key strike prices. Others will be watching for any sudden volatility spikes as large positions are unwound. The expiry itself doesn't dictate the direction of the next trend, but it can amplify moves that are already underway.
By the end of the day, the open interest tied to these contracts will reset, and the market will turn its attention to the next monthly expiry in August.
