Will Crypto Markets React to $2B Bitcoin Options Expiring Today?

One other week has ended, and Friday has arrived, which implies one other batch of Bitcoin choices contracts is expiring whereas spot markets stay sideways.

Round 30,600 Bitcoin choices contracts will expire on Friday, Feb. 20, with a notional worth of roughly $2 billion. This occasion is slightly smaller than final week’s expiry, so there may be unlikely to be any affect on spot markets.

Crypto markets are in bear market territory, however have remained flat over the previous week as quantity and volatility dry up.

Bitcoin Choices Expiry

This week’s batch of Bitcoin choices contracts has a put/name ratio of 0.59, that means that there are extra expiring calls (longs) than places (shorts). Max ache is round $70,000, in keeping with Coinglass, which is above present spot costs, so many shall 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 $60,000 with $1.2 billion and $1 billion at $50,000 strike costs on Deribit as bearish bets improve. Whole BTC choices OI throughout all exchanges has been climbing this month and is at $36.5 billion.

“Positioning skews name heavy throughout each property, with BTC displaying the stronger upside skew,” mentioned Deribit.

In the meantime, derivatives analyst Laevitas noticed that “draw back safety stays in demand,” noting 2,140 BTC value of places at $58,000 not too long ago purchased.

🚨 Choices Expiry Alert 🚨

At 08:00 UTC tomorrow, over $2.4B in crypto choices are set to run out on Deribit.$BTC: ~$2.0B notional | Put/Name: 0.59 | Max Ache: $70K$ETH: ~$404M notional | Put/Name: 0.75 | Max Ache: $2,050

Positioning skews name heavy throughout each property, with… pic.twitter.com/pgl2z4ZGJ6

— Deribit (@DeribitOfficial) February 19, 2026

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Along with at the moment’s batch of Bitcoin choices, round 212,000 Ethereum contracts are additionally expiring, with a notional worth of $404 million, max ache at $2,050, and a put/name ratio of 0.75. Whole ETH choices OI throughout all exchanges is round $6.8 billion.

This brings the whole notional worth of crypto choices expiries to round $2.4 billion.

Spot Market Outlook

Whole market capitalization has been flat for the previous 24 hours and for the reason that starting of the week, hovering round $2.37 trillion, down 46% from its peak. Bitcoin has slowly eroded since Monday, hitting a weekly low of $65,700 in late buying and selling on Thursday earlier than recovering to $67,290 on the time of writing on Friday morning in Asia.

Resistance is forming at $70,000, with assist nonetheless simply above $60,000, and this appears to be the closest goal. There was no motion in Ether costs, which have began to consolidate round $1,950. The remainder of the altcoins stay flat at bear market bottoms.