$2 Billion in Crypto Options Set to Expire Amid Cautious Market Sentiment

A total of approximately $2 billion in cryptocurrency options are set to expire this Friday, February 21. The figure is comprised of around 16,500 Bitcoin options contracts valued at around $1.6 billion and about 153,000 Ethereum contracts worth $420 million.

The put/call ratio for the current batch of Bitcoin options stands at 0.75, indicating a slight dominance of call (long) contracts over puts (shorts). The open interest in Deribit is highest at the $120,000 strike price, totaling $1.8 billion, followed by $1.2 billion at the $110,000 strike.

Market sentiment has been described as 'cautiously bearish' by crypto derivatives specialist Greeks Live, with traders facing challenges due to low volatility. Funding rates for Bitcoin and Ethereum remain close to zero, following a strong negative spike for Ether earlier this month.