How Will Markets React to $3B Crypto Options Expiring Today?

The end of another week has arrived, which means another batch of crypto options contracts is expiring while spot markets continue to decline.

  Business   Feb 13, 2026   0   11  Add to Reading List
How Will Markets React to $3B Crypto Options Expiring Today?
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Around 38,000 Bitcoin options contracts will expire on Friday, Feb. 13, with a notional value of roughly $2.5 billion. This event is a little larger than last week’s expiry.

Crypto markets remain in bear market territory, losing around $125 billion since the start of the week, as sentiment plunges and the retail and institutional exodus continues.

Bitcoin Options Expiry

This week’s batch of Bitcoin options contracts has a put/call ratio of 0.76, meaning that there are more expiring calls (longs) than puts (shorts). Max pain is around $75,000, according to Coinglass, which is above current spot prices, so many will be out of the money on expiry.

Open interest (OI), or the value or number of Bitcoin options contracts yet to expire, remains highest at $60,000 and is now mounting up at $50,000, which has over $1 billion at these strike prices on Deribit as bearish bets increase. Total BTC options OI across all exchanges has been climbing this month and is at $36.6 billion.

Derivatives analyst ‘Laevitas’ said there was a “bear put spread” on Deribit, which involves buying a higher strike put and selling a lower strike put with the same expiry.

“With BTC stabilizing and volume cooling from panic levels, the key question is whether expiry acts as a magnet toward $75K or clears the way for the next directional move,” stated Deribit.