How February 13 Bitcoin and Ethereum Options Expiry Could Impact Crypto Prices

Key Points

• Over $2.9B in Bitcoin and Ethereum options expire February 13 on Deribit.
• BTC and ETH trade below max pain levels amid ETF outflows and macro anticipation.

On February 12, Deribit released details of upcoming Bitcoin and Ethereum options expiries as the broader crypto market showed modest gains.

The total crypto market capitalization rose about 0.45% to above $2.29 trillion.

Deribit Options Expiry Data

More than $2.9 billion in crypto options are set to expire on February 13 at 08:00 UTC on Deribit.

Approximately $2.53 billion in Bitcoin options will expire, with a Put/Call ratio of 0.76 and a max pain level of $75,000.

Around $406 million in Ethereum options will also expire, featuring a Put/Call ratio of 0.89 and a max pain point of $2,150.

Both assets are trading below their respective max pain levels ahead of expiry.

Deribit noted that after last week’s liquidation event pushed Bitcoin below $70,000, market positioning has shifted back toward call options.

Trading volumes have cooled compared to previous panic levels, with Bitcoin stabilizing above $67,000.

BTC and ETH Market Movements

At the time of writing, Bitcoin is trading above $68,000, up roughly 1.6% over the past 24 hours.

The asset rebounded from around $65,000 on February 11.

U.S.-listed Bitcoin ETFs recorded outflows of more than $276 million after three consecutive days of inflows, according to SoSoValue data.

Upcoming U.S. CPI and housing data releases, alongside Coinbase earnings and options expiry, are expected to draw market attention.

Meanwhile, Binance confirmed the completion of its $1 billion SAFU fund conversion into Bitcoin, including the purchase of 4,545 BTC.

Ethereum is trading above $1,996, reflecting a gain of more than 2.3% in the past 24 hours.

The asset recovered from levels near $1,900 on February 11.

ETH ETFs also recorded outflows exceeding $129 million, following two consecutive sessions of inflows prior to February 11.

Market participants are monitoring whether options expiry and macroeconomic developments will influence short-term price direction.