Key Points
- $8.8B in Bitcoin and Ethereum options expire February 27 amid recovering sentiment.
- ETF inflows and rising retail interest support recent price gains.
On February 26, Deribit announced that more than $8.8 billion in crypto options will expire on February 27 at 08:00 UTC.
The broader crypto market rose over 4.5%, reaching a total market capitalization above $2.36 trillion.
Options Expiry Overview
According to Deribit, approximately $7.8 billion in Bitcoin (BTC) options will expire with a put/call ratio of 0.76 and a max pain point of $75,000.
In addition, about $961 million in Ethereum (ETH) options are set to expire, carrying a put/call ratio of 0.77 and a max pain point of $2,200.
Open interest in call options outweighs puts for both assets, indicating relatively stronger bullish positioning among derivatives traders.
Earlier this month, both BTC and ETH experienced sharp declines accompanied by heightened demand for protective put options.
Deribit data shows that the 25-delta skew dropped near -30 in early February before recovering to around -8 or -9, reflecting easing downside hedging demand.
The CMC Fear and Greed Index remains in the Extreme Fear zone but has improved to 16 after previously falling to 5.
Both BTC and ETH traded higher on February 26, with ETH posting stronger daily percentage gains.
Price Action and Market Drivers
At the time of writing, Bitcoin traded above $68,000, marking a gain of more than 4% over the previous 24 hours.
The asset climbed from around $65,000 on February 25 to above $69,500 before stabilizing.
Ethereum traded above $2,060, up roughly 7% in 24 hours.
ETH previously advanced from near $1,920 to above $2,122 on February 25 before retracing part of the move.
Institutional flows have contributed to the recent market momentum.
On February 25, U.S.-listed Bitcoin ETFs recorded over $506 million in inflows, marking a second consecutive day above that level.
Ethereum ETFs also posted inflows exceeding $157 million, significantly higher than the previous session’s gains.
Retail engagement has increased, with Google searches for “buy Bitcoin” reaching levels last seen in early 2021.
Regulatory developments in the United States, including efforts to advance the CLARITY Act, aim to provide clearer rules for the digital asset sector.
Additional industry disclosures and investigations have also drawn attention to market transparency and compliance efforts.
