Are Bitcoin and Ethereum headed for a hellish Friday as $2.6 billion in options expire?
Are Bitcoin and Ethereum headed for a hellish Friday as $2.6 billion in options expire?
As a combined $2.6 billion worth of options on Bitcoin (BTC) and Ethereum (ETH) nears expiration, market tension is intensifying to extreme levels as volatility surges to 100%.
According to crypto-focused outlet BeInCrypto on February 6 (local time), more than $2.6 billion in Bitcoin and Ethereum options are approaching expiry, making price volatility from investors’ position adjustments unavoidable. Of this, Bitcoin accounts for roughly $2.2 billion, while Ethereum represents about $419 million. Notably, with Bitcoin trading significantly below its max pain level of $80,000 at around $64,686, options sellers currently hold the upper hand.
Volatility in the digital asset market has nearly doubled since the start of the year, reaching the 100% level. Analysts at data analytics firm Greeks.live noted that institutional investors and large whales are urgently building hedge positions to protect against downside risk. Implied volatility (IV) has risen 15% in just the past two weeks, surpassing 50%, indicating expectations of very large short-term price swings.
Ethereum is also maintaining a bearish trajectory, hovering around $1,905—well below its $2,400 max pain level. Ethereum options’ put-to-call ratio stands at 0.93, higher than Bitcoin’s 0.59, signaling a relatively more cautious and conservative stance among market participants. Experts assess that as dealers’ hedge positions unwind after this expiration, the market is entering a reset phase in which trends could shift rapidly.
Institutional investors are making strenuous efforts to defend Bitcoin’s psychological support around $60,000. Some analysts argue that the market is gripped by excessive fear and that forced liquidations driven by sharp risk aversion could become a catalyst for a rebound. Nevertheless, with market structure still skewed to the downside, a cautious view prevails that liquidity changes after the 08:00 UTC expiration should be closely monitored.
In conclusion, the large-scale options expiration is expected to serve as a critical turning point to unwind leverage and seek a new directional bias. With volatility spiking to 100%, investors should focus less on short-term price fluctuations and instead formulate portfolio strategies that account for the long-term impact of structural changes in the options market on spot prices. As market fear reaches its peak, now is the time to prepare wisely for the new trading order that may unfold after expiration.
*Disclaimer: This article is for investment reference only, and no responsibility is assumed for any investment losses based on it. The content should be interpreted solely for informational purposes.*
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