{"id":63583,"date":"2026-02-13T10:30:55","date_gmt":"2026-02-13T07:30:55","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=63583"},"modified":"2026-02-13T09:33:40","modified_gmt":"2026-02-13T06:33:40","slug":"bitcoin-and-ethereums-3-billion-options-day","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-and-ethereums-3-billion-options-day\/","title":{"rendered":"Bitcoin and Ethereum\u2019s $3 Billion Options Day"},"content":{"rendered":"<p data-start=\"889\" data-end=\"1214\">Today, all eyes in the <strong>crypto<\/strong> market are fixed on a single focal point. Roughly $3 billion worth of <strong>Bitcoin<\/strong> and <strong><a href=\"https:\/\/coinengineer.net\/blog\/?s=ethereum\">Ethereum<\/a> options<\/strong> are expiring at 08:00 UTC on <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Deribit<\/span><\/span>. Coming right after the latest liquidation wave, this major settlement is once again stress-testing the market\u2019s fragile balance.<\/p>\n<p data-start=\"1216\" data-end=\"1313\">In the short term, prices look calm. But derivatives data suggests this quiet feels a bit forced.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-ethereums-3-billion-options-day\/#Max_pain_sits_higher_sentiment_still_leans_lower\" title=\"Max pain sits higher, sentiment still leans lower\">Max pain sits higher, sentiment still leans lower<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-ethereums-3-billion-options-day\/#Put_skew_still_dominates_downside_protection_hasnt_faded\" title=\"Put skew still dominates: downside protection hasn\u2019t faded\">Put skew still dominates: downside protection hasn\u2019t faded<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-ethereums-3-billion-options-day\/#Fragile_equilibrium_after_the_liquidation_shock\" title=\"Fragile equilibrium after the liquidation shock\">Fragile equilibrium after the liquidation shock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-ethereums-3-billion-options-day\/#Institutions_remain_cautious_on_the_medium_term\" title=\"Institutions remain cautious on the medium term\">Institutions remain cautious on the medium term<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-ethereums-3-billion-options-day\/#Will_expiry_ease_pressure_%E2%80%94_or_light_the_fuse\" title=\"Will expiry ease pressure \u2014 or light the fuse?\">Will expiry ease pressure \u2014 or light the fuse?<\/a><\/li><\/ul><\/nav><\/div>\n<h3 data-start=\"1320\" data-end=\"1373\"><span class=\"ez-toc-section\" id=\"Max_pain_sits_higher_sentiment_still_leans_lower\"><\/span>Max pain sits higher, sentiment still leans lower<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"1375\" data-end=\"1552\">At the time of writing, <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Bitcoin<\/span><\/span> is trading around $66,372. Total open interest exceeds $2.53 billion, while the max-pain level stands near $74,000.<\/p>\n<p data-start=\"1554\" data-end=\"1740\">On the <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Ethereum<\/span><\/span> side, the picture is similar. Price is hovering near $1,950, notional open interest is roughly $425 million, and max pain sits around $2,100.<\/p>\n<p data-start=\"1742\" data-end=\"1943\">In theory, this implies a meaningful portion of the market would benefit if prices drift higher toward those max-pain levels. In practice, things aren\u2019t that simple. Options sentiment remains cautious.<\/p>\n<p data-start=\"1945\" data-end=\"2034\">The rebound following last week\u2019s sharp sell-off hasn\u2019t fully repaired trader psychology.<\/p>\n<p data-start=\"1945\" data-end=\"2034\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-63585\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/eth-option-1024x483.jpg\" alt=\"\" width=\"1020\" height=\"481\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/eth-option-1024x483.jpg 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/eth-option-300x141.jpg 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/eth-option-768x362.jpg 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/eth-option-1536x724.jpg 1536w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2026\/02\/eth-option-2048x965.jpg 2048w\" sizes=\"auto, (max-width: 1020px) 100vw, 1020px\" \/><\/p>\n<h3 data-start=\"2041\" data-end=\"2103\"><span class=\"ez-toc-section\" id=\"Put_skew_still_dominates_downside_protection_hasnt_faded\"><\/span>Put skew still dominates: downside protection hasn\u2019t faded<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"2105\" data-end=\"2340\">Derivatives analytics firm <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Laevitas<\/span><\/span> notes that Bitcoin risk reversals remain in negative territory despite some recovery. One-week and one-month 25-delta RR readings sit near \u221213 and \u221211 vols, respectively.<\/p>\n<p data-start=\"2342\" data-end=\"2362\">What does that mean? Simply put, traders are still willing to pay up for downside insurance. Put premiums remain elevated. That keeps the idea of \u201cmore downside is possible\u201d very much alive.<\/p>\n<p data-start=\"2535\" data-end=\"2655\">Risk reversals are often used to cut through the noise. Right now, the signal is clear: fear hasn\u2019t fully left the room.<\/p>\n<h3 data-start=\"2662\" data-end=\"2713\"><span class=\"ez-toc-section\" id=\"Fragile_equilibrium_after_the_liquidation_shock\"><\/span>Fragile equilibrium after the liquidation shock<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"2715\" data-end=\"2950\">Last week\u2019s drop below $70,000 in Bitcoin triggered a cascade of liquidations and one of the sharpest shifts toward put demand seen in years. According to Deribit analysts, it marked one of the most extreme skew moves in recent memory.<\/p>\n<p data-start=\"2952\" data-end=\"3137\">Prices later bounced back toward the $67K zone. But events like this leave scars. Trader behavior changes. Risk appetite pulls back for a while. What we\u2019re seeing now fits that pattern.<\/p>\n<p data-start=\"3139\" data-end=\"3275\">Yes, some players have started rotating back into call options as volatility cools from panic levels. Still, that shift remains fragile.<\/p>\n<p data-start=\"3277\" data-end=\"3357\">Deribit openly describes the market as sitting at a \u201ccritical inflection point.\u201d<\/p>\n<h3 data-start=\"3364\" data-end=\"3415\"><span class=\"ez-toc-section\" id=\"Institutions_remain_cautious_on_the_medium_term\"><\/span>Institutions remain cautious on the medium term<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"3417\" data-end=\"3533\">Options flow tracked by <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Greeks.live<\/span><\/span> shows put dominance persisting in Bitcoin derivatives.<\/p>\n<p data-start=\"3535\" data-end=\"3727\">More than $1 billion in BTC put options traded today, accounting for roughly 37% of total volume. Most of that activity is concentrated in out-of-the-money strikes between $60,000 and $65,000.<\/p>\n<p data-start=\"3729\" data-end=\"3749\">That detail matters. Positions like these are typically opened for medium-term protection rather than short-term trading. According to Greeks.live analysts, institutional players appear to be pricing in a weaker market structure over the next one to two months.<\/p>\n<p data-start=\"3993\" data-end=\"4028\">Surface calm, deeper defensiveness.<\/p>\n<h3 data-start=\"4035\" data-end=\"4085\"><span class=\"ez-toc-section\" id=\"Will_expiry_ease_pressure_%E2%80%94_or_light_the_fuse\"><\/span>Will expiry ease pressure \u2014 or light the fuse?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"4087\" data-end=\"4226\">Expiries of this size can sometimes create short-term \u201cgravitational\u201d effects on price, especially around strikes with heavy open interest.<\/p>\n<p data-start=\"4228\" data-end=\"4274\">After today\u2019s settlement, two paths stand out.<\/p>\n<p data-start=\"4276\" data-end=\"4480\">First, the release of options pressure could allow markets to breathe a little and head into the weekend on steadier footing.<br data-start=\"4401\" data-end=\"4404\" \/>Second, unwinding hedges could just as easily spark a fresh volatility wave.<\/p>\n<p data-start=\"4482\" data-end=\"4502\">Which one plays out? Derivatives data doesn\u2019t offer a clean answer yet. Short-dated call interest is improving, but medium-term put demand remains strong. That split usually defines uncertain markets.<\/p>\n<p data-start=\"4685\" data-end=\"4803\" data-is-last-node=\"\" data-is-only-node=\"\">Sometimes silence is just silence. Sometimes it\u2019s the gap before the next move. This weekend may tell which one it is.<\/p>\n<p data-start=\"4685\" data-end=\"4803\" data-is-last-node=\"\" data-is-only-node=\"\"><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/a>\u00a0channels for\u00a0<\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today, all eyes in the crypto market are fixed on a single focal point. Roughly $3 billion worth of Bitcoin and Ethereum options are expiring at 08:00 UTC on Deribit. Coming right after the latest liquidation wave, this major settlement is once again stress-testing the market\u2019s fragile balance. In the short term, prices look calm.<\/p>\n","protected":false},"author":36,"featured_media":49434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[19340,21349,11316,27864,27248,27866,27865],"class_list":["post-63583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin-options-expiry","tag-btc-liquidations","tag-crypto-derivatives","tag-deribit-btc-eth","tag-ethereum-options-market","tag-max-pain-levels","tag-put-skew"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin and Ethereum\u2019s $3 Billion Options Day - Coin Engineer<\/title>\n<meta name=\"description\" content=\"$3B in Bitcoin and Ethereum options expire on Deribit today. 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