Around 34,000 Bitcoin options contracts will expire on Friday, Feb. 6, with a notional value of roughly $2.1 billion. This event is much smaller than last week’s end-of-month expiry. Crypto markets have collapsed into bear market territory, losing around $686 billion since the start of the week, as sentiment plunges and both retail and institutional investors dump crypto assets. Bitcoin Options Expiry This week’s batch of Bitcoin options contracts has a put/call ratio of 0.59, meaning that there are more expiring calls (longs) than puts (shorts). Max pain is around $82,000, according to Coinglass, which is well above current spot prices, so many will be out of the money on expiry. 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. Total BTC options OI across all exchanges has been in decline for a week and is at $32.5 billion. “BTC option flows suggesting downside plays not over,” said Deribit. “Bitcoin’s open interest is stacked through the $80K to $90K region, with elevated put activity showing traders leaned defensive into the move.” Options Expiry Alert At 8:00 UTC tomorrow, over $2.5B in crypto options are set to expire. $BTC : $2.15B notional | Put/Call: 1.42 | Max Pain: $82K $ETH : $408M notional | Put/Call: 1.13 | Max Pain: $2.55K Bitcoin’s open interest is stacked through the $80K to $90K region,… pic.twitter.com/WPCdYeS2aC — Deribit (@DeribitOfficial) February 5, 2026 “The upcoming $60,000 range represents the consolidation zone prior to the Trump rally, where support remains relatively strong. Should a rapid dip occur in the short term, it may present a buying opportunity,” said crypto derivatives provider Greeks Live. In addition to today’s batch of Bitcoin options, around 217,000 Ethereum contracts are also expiring, with a notional value of $400 million, max pain at $2,550, and a put/call ratio of 1.15. Total ETH options OI across all exchanges is around $7.1 billion. This brings the total notional value of crypto options expiries to around $2.5 billion. Spot Market Outlook Crypto market capitalization has tanked to a 16-month low of $2.27 trillion as the digital asset exodus continued. Bitcoin was smashed by double digits, tanking 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 bear market lows, falling below $1,800 briefly, and the altcoins have been destroyed in what appears to be the start of another long, drawn-out crypto winter. The post Will Markets Crash Further When $2B Bitcoin Options Expire Today? appeared first on CryptoPotato .
