Approximately $2.4 billion in cryptocurrency options are set to expire on February 20, 2026, with $2 billion in Bitcoin contracts leading the batch. Market data shows a put/call ratio of 0.59 for Bitcoin, indicating a heavier volume of call options, while Ethereum’s expiry shows a more bearish 0.75 ratio. Spot markets remain in a flat, bearish consolidation with Bitcoin struggling below the $70,000 resistance level.
A batch of Bitcoin and Ethereum options contracts is expiring on February 20, 2026, with a combined notional value of roughly $2.4 billion. According to data, around 30,600 Bitcoin options worth $2 billion and 212,000 Ethereum contracts valued at $404 million will settle.
The Bitcoin options expiry has a put/call ratio of 0.59, meaning more call options are expiring than puts. Deribit stated that “Positioning skews call heavy across both assets, with BTC showing the stronger upside skew.” The max pain point for Bitcoin is reportedly near $70,000.
Open interest for Bitcoin options is highest at the $60,000 and $50,000 strike prices on Deribit. Total open interest for Bitcoin options across all exchanges has climbed to $36.5 billion this month.
Analysts have noted continued demand for downside protection in the market. Deribit data was corroborated by derivatives analyst Laevitas, who observed that 2,140 BTC worth of puts at $58,000 were recently bought.
Spot market capitalization has remained flat, hovering around $2.37 trillion, which is 46% below its peak. Bitcoin price action has been sideways, finding support above $60,000 but facing resistance at the $70,000 level.
Ethereum has consolidated around $1,950, with other altcoins also remaining flat. The broader cryptocurrency market appears to be in bear market territory with low volatility and trading volume.
