Yeliz Akmaca 
The week ends and the month closes, triggering a massive crypto options expiry for Bitcoin and Ethereum. While spot markets remain slightly subdued, this expiry may lead to short-term volatility.
Today, February 27, 2026, approximately 115,500 Bitcoin options contracts are set to expire, with a notional value around $7.8 billion. This is unusually large due to the month-end close. Spot markets may see movement, but panic is unlikely.
What Are Options? Explained with Crypto
Options give investors the right, but not the obligation, to buy or sell an asset at a predetermined price in the future.
For example, Bitcoin is currently $67,000. You buy an option saying, “I want the right to purchase Bitcoin at $70,000 in one month,” paying a small premium for this right.
Scenario A (Price rises): Bitcoin reaches $75,000. You exercise your option and buy at $70,000, making a profit.
Scenario B (Price falls): Bitcoin drops to $65,000. You don’t exercise the option. You only lose the premium, avoiding a higher purchase price.
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Call option: Right to buy BTC or ETH at a set price.
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Put option: Right to sell BTC or ETH at a set price.
This mechanism helps investors hedge against price swings and allows analysts to gauge market risk and volatility.
Bitcoin Options
Bitcoin’s put/call ratio is 0.76, meaning more call contracts than puts. Coinglass reports a max pain level near $75,000, indicating many contracts may expire worthless.
Open interest (OI) is concentrated at $60,000 with $1.5B and $50,000 with $1.1B on Deribit. Total BTC options OI across all exchanges reached $37B this month. Deribit analysts note, “In the current downtrend, protective and bearish strategies are expected.”
According to Greeks Live, call OI dominates, and Bitcoin carries the largest notional weight into expiry. Options expiring account for about 20% of total OI, with BTC nearing a multi-year high share.
$9 Billion Expiry – How Will Bitcoin React?
BTC is trading well below the $75,000 max pain level. As a result, market makers may apply upward pressure on spot prices to reduce losses. However, the lack of fresh capital and continued bearish sentiment suggest that even after expiry, volatility may decrease while prices remain suppressed around $67,000.
Ethereum Options
Ethereum also faces significant expiry, with 477,000 contracts worth $963M. Max pain is $2,200, and the put/call ratio is 0.77. Total ETH OI across exchanges is around $6.6B, bringing the total crypto options expiry to roughly $9B.
🚨 Options Expiry Alert 🚨
At 08:00 UTC tomorrow, over $8.8B in crypto options are set to expire on Deribit.$BTC: ~$7.8B notional | Put/Call: 0.76 | Max Pain: $75K $ETH: ~$961M notional | Put/Call: 0.77 | Max Pain: $2,200Call OI dominates across both assets, with BTC carrying… pic.twitter.com/5r8MjeQtJ9
— Deribit (@DeribitOfficial) February 26, 2026
Spot Market Outlook
Currently, markets are red. Total capitalization has dropped below $2.4 trillion. Bitcoin failed to hold above $68,000, dipping to $67,000 in early Asian trading. Ethereum hovers around $2,000, with the risk of dropping below.
Bitcoin shows 66,300 call contracts vs. 48,405 puts, and Ethereum 268,642 calls vs. 210,350 puts. Calls dominate in both, which could amplify spot market reactions if hedging flows intensify.
Recently, the 25-delta skew for BTC and ETH moved from -30 to around -8/-9, showing reduced demand for panic protection. However, skew remains negative; the market is still in bear mode. Implied volatility rose over the last two days (BTC 47%, ETH 65%), but overall confidence remains low.
Analysts highlight that the crypto market lacks fresh capital inflows and clear catalysts, while pessimistic sentiment dominates social media. Spot prices are trading below max pain, indicating limited short-term upside potential.
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