Crypto Options Expiration Event Unfolds This Week Amid Cautious Bearish Sentiment

Approximately $2 billion in cryptocurrency options are set to expire this Friday, February 21. This week's expiration event is smaller compared to previous ones and is expected to have minimal impact on spot markets.

The current batch of Bitcoin options exhibits a put/call ratio of 0.75, indicating a slight dominance of call contracts over puts set to expire. Deribit reports that the open interest remains highest at the $120,000 strike price, totalling $1.8 billion. Additionally, $1.2 billion is open 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. Deribit's weekly Insights report also noted a decline in strong directional sentiment due to recent stagnant spot market trends.