Will Markets Crash Further as $2 Billion Bitcoin Options Expire Today?

Friday is here again, which means another round of expiring Bitcoin options as spot markets continue to collapse.

Approximately 34,000 Bitcoin options contracts expire on Friday, February 6, with a notional value of approximately $2.1 billion. This event is much smaller than the month end date last week.

Crypto markets have collapsed into bear market territory, losing around $686 billion since the start of the week, as sentiment plummets and both retail and institutional investors dump crypto assets.

Bitcoin options expire

This week’s batch of Bitcoin options contracts has a put/call ratio of 0.59, meaning there are more expiring calls (longs) than puts (shorts). According to Coinglass, the max pain is around $82,000, 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 $100,000 and $70,000, which have $1.1 billion at these strike prices on Deribit. The total OI of BTC options across all exchanges has been declining for a week and stands at $32.5 billion.

“BTC Options Flows Suggest Negative Developments Are Not Over Yet,” said It must be a joke.

“Bitcoin open interest ranges in the region of $80,000 to $90,000, with increased put activity showing that traders have leaned defensively into this move.”

🚨 Options Expiry Warning 🚨

More than $2.5 billion worth of crypto options will expire tomorrow at 8:00 UTC.$BTC: $2.15 billion notional | Move/Call: 1.42 | Maximum pain: $82K$ETH: $408M notional | Move/Call: 1.13 | Maximum pain: $2.55K

Bitcoin open interest ranges in the region of $80,000 to $90,000,… pic.twitter.com/WPCdYeS2aC

— Deribit (@DeribitOfficial) February 5, 2026

“The upcoming $60,000 range represents the consolidation zone ahead of the Trump rally, where support remains relatively strong. Should a quick dip occur in the near term, it could provide a buying opportunity.” said crypto derivatives provider Greeks Live.

In addition to the current crop of Bitcoin options, there are also approximately 217,000 Ethereum contracts expiring, with a notional value of $400 million, a max pain of $2,550, and a put/call ratio of 1.15. The total OI of ETH options across all exchanges is approximately $7.1 billion. This brings the total notional value of crypto options expirations to approximately $2.5 billion.

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Spot Market Outlook

Cryptocurrency market capitalization has fallen to a 16-month low of $2.27 trillion as the exodus from digital assets continued.

Bitcoin broke double digits, falling below $60,000 in early trading in Asia on Friday. The asset has now lost 50% from its all-time high, dumping more than $60,000 in just four months.

Ether is back at its bear market lows, briefly dipping below $1,800, and altcoins have been destroyed in what appears to be the start of another long, drawn-out crypto winter.