Crypto Options Expiration Event Unfolds with Minimal Expected Impact

This Friday, February 21, approximately $2 billion in cryptocurrency options will expire. The current batch of Bitcoin options contracts totals around $1.6 billion and features a put/call ratio of 0.75, indicating a slight dominance of call (long) contracts over puts (shorts).

The open interest on Deribit remains highest at the $120,000 strike price, totaling $1.8 billion. This is in addition to the $1.2 billion open at the $110,000 strike.

Crypto derivatives specialist Greeks Live described market sentiment as 'cautiously bearish,' with low volatility challenging traders. Deribit confirmed this in its weekly Insights report, noting a decline in strong directional sentiment due to recent stagnant spot market trends.