Bitcoin (BTC) options expiring July 8 have turned call-heavy, with traders positioning for higher prices. The expiry lands the same day the Federal Reserve releases minutes from its June meeting.
Call volume has outpaced puts across the contracts. Glassnode says fading demand for downside protection could mark early optimism returning to the market.
![Bitcoin options open interest by strike price for the July 8 expiry, with max pain marked at $63,000. Source: Deribit]](https://assets.beincrypto.com/img/9xvHTNSXYdXUEtjQO4mlERirlk0=/smart/a6e6814b97e74bed807b9aa7df3eb504)
Call Positioning Builds Into the Expiry
Call volume reached 6,258 contracts over 24 hours against 3,610 puts on Deribit as of this writing, delivering a put-call ratio of 0.58.
Open interest leans the same way, with 370 call contracts against 257 puts. Still, the expiry is small, holding about 628 contracts worth $39.3 million in notional value.
That is a fraction of the late-June monthly settlement, which cleared billions across Bitcoin and Ethereum. Its direct settlement impact is limited, so the signal lies in the positioning itself.
The heaviest call bets sit well above spot, including a large cluster near the $69,000 strike. Put open interest stays between $58,000 and $62,000, which points to lighter downside hedging.
Bitcoin’s spot price sat near $62,645 as of this writing, down 0.3% over 24 hours. The $63,000 has remained elusive for the pioneer crypto since the last week of June, with the weekend breaching proving short-lived.
Max pain marks the strike where the most options expire worthless, leaving sellers the smallest payout. The max pain theory suggests prices may drift toward the strike where option sellers face the smallest payout, but evidence for this effect is mixed.
As the Wednesday FOMC minutes and economic forecast report approaches, therefore, the Bitcoin price could drift toward the $63,000 level in quiet trade, though a small expiry exerts only a mild pull.
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FOMC Minutes Add Event Risk
The minutes from the June 16 to 17 meeting arrive at 2 p.m. ET on July 8. Policymakers held rates at 3.50% to 3.75%, the fourth straight hold.
The meeting was the first led by new Fed Chair Kevin Warsh. His hawkish policy debut sent Bitcoin and gold lower on June 17.
Nine of 18 officials projected a rate hike later in 2026, and the statement dropped its easing bias. The minutes will show how firm that hawkish turn was.
Against that backdrop, Glassnode reads the options market as unusually calm. It frames the fading demand for downside protection as a possible turning point.
The options market is currently pricing in low future volatility for $BTC. While upside expectations remain unchanged we see less demand for short exposure. This could be the first sign of optimism returning to the options market,” analysts at Glassnode indicated.
Still, that calm cuts both ways. Light hedging means any surprise in the minutes could move price sharply into the expiry.
Whether Bitcoin holds above $63,000 into Wednesday may hinge on how traders read the minutes. The coming session will show whether call buyers or the Fed set the near-term tone.