BTC Grayscale Bitcoin Mini Trust ETF Overview
Stock Symbol: BTC (NYSE)
ETF Type: Grayscale Bitcoin Mini Trust
Closing Price (Jul 3, 2025): $48.65 (+0.021%)
Volume: 646,301
Market Data
- Pre-Market (Jul 3, 2025): $48.35 (-0.596%)
- After-Hours (Jul 3, 2025): $48.68 (+0.066%)
BTC Max Pain Summary
The max pain price for BTC options expiring on July 18, 2025, is $45.00. This represents the strike price where the largest number of option holders (both calls and puts) would incur financial losses at expiration.
👉 Understand how max pain affects BTC's price action
BTC Option Chain Breakdown
Key Expirations and Max Pain Levels
| Expiration Date | Calls (ITM/OTM) | Puts (ITM/OTM) | Max Pain | Price vs. Max Pain |
|---|---|---|---|---|
| Jul 18, 2025 | 1,070 / 1,597 | 81 / 901 | $45.00 | +8.11% |
| Aug 15, 2025 | 66 / 496 | 0 / 119 | $45.00 | +8.11% |
| Sep 19, 2025 | 931 / 1,873 | 107 / 363 | $40.00 | +21.63% |
| Dec 19, 2025 | 511 / 470 | 18 / 82 | $35.00 | +39.00% |
| Jan 16, 2026 | 1,031 / 1,887 | 147 / 476 | $35.00 | +39.00% |
| Jan 15, 2027 | 904 / 922 | 219 / 128 | $25.00 | +94.60% |
Key Metrics
- Put/Call Ratio: 0.22 (Bullish sentiment indicated by ratios below 0.7).
- Total Open Interest: 11,758 calls vs. 2,069 puts (highlighting dominant call activity).
Why Max Pain Matters for BTC Traders
Max pain theory suggests that as expiration approaches, BTC's price may gravitate toward the max pain strike ($45.00 for July 2025). This occurs because market makers hedge their positions, creating price pressure.
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FAQs
1. What is max pain in options trading?
Max pain is the strike price where the highest number of options (calls and puts) expire worthless, causing maximum financial loss to holders.
2. How does max pain affect BTC’s price?
Market makers often adjust hedges to minimize losses, potentially pushing BTC’s price toward the max pain level near expiration.
3. Is a low put/call ratio bullish for BTC?
Yes, a ratio below 0.7 typically indicates bullish sentiment, as seen in BTC’s current 0.22 ratio.
4. Why are longer-dated max pain prices lower?
Further expirations (e.g., 2026–2027) reflect market expectations of potential downside or volatility.
5. Should traders use max pain as a standalone indicator?
No. Combine max pain with technical analysis, volume trends, and macroeconomic factors for better decision-making.
Key Takeaways
- July 2025 Max Pain: $45.00 (+8.11% above current price).
- Bullish Signal: Low put/call ratio (0.22) suggests optimism.
- Strategy: Monitor price action near expiration for potential pullbacks toward max pain levels.
For real-time BTC options data and charts, visit OKX.