Huge $9 Billion Crypto Options Expire Today: How Will BTC and ETH React?

Another week has passed and it’s also the end of the month, which means a larger set of Bitcoin and Ether options contracts are expiring as the spot markets cool off again.

Approximately 115,500 Bitcoin options contracts expire on Friday, February 27, with a notional value of approximately $7.8 billion. This event is much bigger than normal because it is the end of the month so there may be some volatility in the spot markets.

Crypto markets have seen some daylight with a mid-week surge, but overall capitalization has remained the same as gains have started to erode again, and zooming out shows they are still in a downtrend.

Bitcoin options expire

This week’s batch of Bitcoin options contracts has a put/call ratio of 0.76, meaning there are more expiring calls (longs) than puts (shorts). According to Coinglass, the max pain is around $75,000, which is well above current spot prices, so many will be out of money at expiration.

Open interest (OI), or the value or number of Bitcoin options contracts yet to expire, remains highest at $60,000 with $1.5 billion and $1.1 billion at $50,000 strike prices on Deribit as bearish betting increases. The total OI of BTC options across all exchanges increased this month, reaching $37 billion.

“In a continued downtrend in the existing range, it is no surprise that BTC sees continued downside moves (protective and bearish),” said Write this week.

“Call OI dominates both assets, with BTC carrying the significantly greater nominal weight in settlement.”

🚨 Options Expiry Warning 🚨
Tomorrow at 08:00 UTC, more than $8.8 billion worth of crypto options will expire on Deribit.$BTC: ~$7.8 billion notional | Move/Call: 0.76 | Maximum pain: $75,000 $ETH: ~$961M notional | Move/Call: 0.77 | Maximum pain: $2,200

Call OI dominates both assets, with BTC… pic.twitter.com/5r8MjeQtJ9

— Deribit (@DeribitOfficial) February 26, 2026

Derivatives provider Greeks Live said Option expirations account for 20% of total open interest, totaling nearly $9 billion, with Bitcoin’s position share reaching a multi-year peak.

“The market remains firmly in bear territory. Currently, the crypto space lacks both new capital inflows and clear catalysts, with pessimistic narratives dominating social media. The bottom of the market likely remains elusive.”

In addition to today’s massive amount of Bitcoin options, there are also approximately 477,000 Ethereum contracts expiring, with a notional value of $963 million, a max pain of $2,200, and a put/call ratio of 0.77. The total ETH options OI across all exchanges is approximately $6.6 billion. This brings the total notional value of crypto options expirations to approximately $9 billion.

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Spot Market Outlook

The markets are in the red again today, with the overall cap falling 1.3% to below $2.4 trillion. Bitcoin failed to stay above $68,000 and fell back below $67,000 in early trading in Asia on Friday morning.

Ethereum is teetering around the $2,000 level and is likely to fall back below as hopes for a relief rally fade.