Around 30,600 Bitcoin options contracts will expire on Friday, Feb. 20, with a notional value of roughly $2 billion. This event is a little smaller than last week’s expiry, so there is unlikely to be any impact on spot markets.
Crypto markets are in bear market territory, but have remained flat over the past week as volume and volatility dry up.
Bitcoin Options Expiry
This week’s batch of Bitcoin options contracts has a put/call ratio of 0.59, meaning that there are more expiring calls (longs) than puts (shorts). Max pain is around $70,000, 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 with $1.2 billion and $1 billion at $50,000 strike prices on Deribit as bearish bets increase. Total BTC options OI across all exchanges has been climbing this month and is at $36.5 billion.
“Positioning skews call heavy across b
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