Will Markets Crash Further When $2B Bitcoin Options Expire Today?

Friday has come round once more, which suggests one other batch of expiring Bitcoin choices as spot markets proceed to soften down. 

Round 34,000 Bitcoin choices contracts will expire on Friday, Feb. 6, with a notional worth of roughly $2.1 billion. This occasion is way smaller than final week’s end-of-month expiry.

Crypto markets have collapsed into bear market territory, shedding round $686 billion for the reason that begin of the week, as sentiment plunges and each retail and institutional buyers dump crypto belongings.

Bitcoin Choices Expiry

This week’s batch of Bitcoin choices contracts has a put/name ratio of 0.59, which means that there are extra expiring calls (longs) than places (shorts). Max ache is round $82,000, in keeping with Coinglass, which is nicely above present spot costs, so many will likely be out of the cash on expiry.

Open curiosity (OI), or the worth or variety of Bitcoin choices contracts but to run out, stays highest at $100,000 and $70,000, which have $1.1 billion at these strike costs on Deribit. Whole BTC choices OI throughout all exchanges has been in decline for every week and is at $32.5 billion.

“BTC possibility flows suggesting draw back performs not over,” said Deribit.

“Bitcoin’s open curiosity is stacked via the $80K to $90K area, with elevated put exercise exhibiting merchants leaned defensive into the transfer.”

🚨 Choices Expiry Alert 🚨

At 8:00 UTC tomorrow, over $2.5B in crypto choices are set to run out.$BTC: $2.15B notional | Put/Name: 1.42 | Max Ache: $82K$ETH: $408M notional | Put/Name: 1.13 | Max Ache: $2.55K

Bitcoin’s open curiosity is stacked via the $80K to $90K area,… pic.twitter.com/WPCdYeS2aC

— Deribit (@DeribitOfficial) February 5, 2026

“The upcoming $60,000 vary represents the consolidation zone previous to the Trump rally, the place assist stays comparatively sturdy. Ought to a speedy dip happen within the quick time period, it might current a shopping for alternative,” said crypto derivatives supplier Greeks Reside.

Along with in the present day’s batch of Bitcoin choices, round 217,000 Ethereum contracts are additionally expiring, with a notional worth of $400 million, max ache at $2,550, and a put/name ratio of 1.15. Whole ETH choices OI throughout all exchanges is round $7.1 billion. This brings the whole notional worth of crypto choices expiries to round $2.5 billion.

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Spot Market Outlook

Crypto market capitalization has tanked to a 16-month low of $2.27 trillion because the digital asset exodus continued.

Bitcoin was smashed by double digits, tanking under $60,000 in early buying and selling in Asia on Friday. The asset has now misplaced 50% from its all-time excessive, dumping greater than $60,000 in simply 4 months.

Ether is again at bear market lows, falling under $1,800 briefly, and the altcoins have been destroyed in what seems to be the beginning of one other lengthy, drawn-out crypto winter.