Crypto Options Expiry Looms as Market Remains Cautiously Bearish

The upcoming cryptocurrency options expiry on February 21 is expected to have minimal impact on the market. Around $2 billion worth of contracts, comprising approximately 16,500 Bitcoin options valued at $1.6 billion and around 153,000 Ethereum contracts valued at $420 million, are set to expire.

The put/call ratio for Bitcoin options is 0.75, indicating a slight dominance of call (long) contracts over puts (shorts). The open interest remains highest at the $120,000 strike price, totaling $1.8 billion, with $1.2 billion also open at the $110,000 strike.

Crypto derivatives specialist Greeks Live described market sentiment as 'cautiously bearish' due to low volatility. Deribit's weekly Insights report noted a decline in strong directional sentiment following recent stagnant spot market trends.