Key Points
- Over $2.4 billion in Bitcoin and Ethereum options expire February 20 amid volatile markets.
- Options data indicates bullish positioning, particularly for Bitcoin, despite recent price declines.
On February 19, Deribit reported that more than $2.4 billion in crypto options are set to expire on February 20 at 08:00 UTC. The broader crypto market has declined over 1.8% in the past 24 hours, with total capitalization above $2.3 trillion.
Both Bitcoin and Ethereum are trading lower on the day, despite options data suggesting constructive sentiment.
Options Expiry Overview
According to Deribit, more than $2.08 billion in Bitcoin options will expire, with a Put/Call ratio of 0.59 and a Max Pain point of $70,000. Meanwhile, $404 million in Ethereum options are set to expire, with a Put/Call ratio of 0.75 and a Max Pain level of $2,050.
The positioning reflects heavier call exposure for both assets, with traders showing stronger bullish bias toward Bitcoin. Ethereum positioning appears more balanced, though still tilted toward calls.
Open interest data also shows notable $40,000 put positions on Bitcoin, indicating demand for deep out-of-the-money downside protection ahead of expiry. This suggests that some traders are hedging against potential sharp declines.
Price Movements and ETF Flows
As of February 19, Bitcoin is trading above $66,000, down about 0.9% over the past 24 hours. The asset recently fell from above $68,000 on February 18 to lows near $65,000.
U.S.-based spot Bitcoin ETFs recorded a second consecutive day of outflows on February 18, totaling more than $138 million, according to SoSoValue data.
Ethereum is trading above $1,950, reflecting a decline of more than 1.4% in the past 24 hours. After briefly surpassing $2,000 on February 18, the price retreated toward the $1,900 level while holding above it.
Ethereum ETFs also saw outflows on February 18, with more than $41 million in negative flows, marking the first outflow day since February 12.
Both Bitcoin and Ethereum have experienced heightened volatility during the Lunar New Year week, as market participants monitor the impact of the upcoming options expiry.
