Will Bitcoin and Ethereum Survive the $2B Options Expiry Drama?

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Ah, dear reader, gather ’round as we delve into the endless abyss of cryptocurrency, where fortunes are made, lost, and then forgotten faster than you can say “blockchain.” Today, a staggering $2.4 billion in crypto options prepares to take its final bow at the ungodly hour of 08:00 UTC on Deribit, an event that promises to sprinkle a little chaos into our already tumultuous market stew.

  • Our beloved Bitcoin, sporting a hefty $2.0 billion in options, and Ethereum, with its modest $404 million, are both set to roll off like a bad movie sequel, stirring up the potential for volatility that even a seasoned roller-coaster rider would find exhilarating.
  • With a put/call ratio of 0.59 for Bitcoin and a slightly more optimistic 0.75 for Ethereum, there’s a hint of good vibes in the air-max pain hovering ominously at $70,000 for BTC and $2,050 for ETH, as if they were trapped in a twisted game of financial chicken.
  • As our dear friend BTC faces resistance near $69,500-$70,000 while clutching onto support at $65,000, ETH finds itself in a similar predicament, needing to break free from the shackles of $2,000-$2,050 to confirm its escape plan from mediocrity.

Now, according to the ever-reliable oracle known as Deribit data, we’re staring at $2 billion worth of Bitcoin options and $404 million in Ethereum options ready to bid farewell.

🚨 Options Expiry Alert 🚨

At 08:00 UTC tomorrow, over $2.4B in crypto options are set to expire on Deribit. $BTC: ~$2.0B notional | Put/Call: 0.59 | Max Pain: $70K
$ETH: ~$404M notional | Put/Call: 0.75 | Max Pain: $2,050

Positioning skews call heavy across both assets, with…

– Deribit (@DeribitOfficial) February 19, 2026

Now, let’s talk specifics. Bitcoin’s put/call ratio sits at a pleasant 0.59, indicating that the masses are feeling a bit more optimistic about their prospects, while the max pain level flirts with $70,000, just a smidgen above current prices, beckoning price action like a moth to a flame.

Ethereum, meanwhile, boasts a put/call ratio of 0.75, suggesting balanced enthusiasm but still enough room for a hearty chuckle at the absurdity of it all, with max pain set at $2,050.

When large options expire, one can expect the market to throw a tantrum, and today is no exception. With $2 billion in Bitcoin and over $400 million in Ethereum contracts ready to meet their fate, dealers may be hedging around key strikes, particularly at the dreaded $70,000 for BTC and $2,050 for ETH. One can only hope they survive the encounter unscathed.

But fear not! Should either asset manage to decisively break through those levels, we might just witness a burst of momentum akin to a surprise plot twist in a poorly written novel, elevating the odds of a breakout that would make even the most stoic crypto enthusiast raise an eyebrow.

Crypto market prediction: Bitcoin (BTC)

As of now, Bitcoin lingers around $67,850, trying to recover from a spectacular nosedive earlier this month that saw it plummet from the dizzying heights of the mid-$90,000s to a pitiful local low near $60,000. It has since played a prolonged game of tag between $65,000 and $70,000.

On a technical note, our beloved Bitcoin remains below the 50-day DEMA, which now acts as a rather stubborn resistance level at $69,500. A sustained breakout above this threshold could potentially lead us on an expedition towards $72,000-or perhaps even further, if the crypto gods are feeling generous.

On the downside, support lies at $65,000, followed closely by the psychological barrier of $60,000-a level that once attracted buyers like moths to a flame.

Momentum indicators suggest bearish pressures are easing, albeit with a hint of sarcasm, as the Balance of Power histogram remains negative, albeit with diminishing red bars hinting at waning selling intensity. Should Bitcoin decide to march confidently towards that $70,000 max pain level, it could accelerate short-term flows tied to options hedging, possibly sending traders into a frenzy.

Ethereum (ETH) price prediction

Now, let us turn our gaze towards Ethereum, currently lounging around $1,958 after enduring a fall from grace from above $3,000 in January to a recent low near $1,900, as if it were performing a dramatic role in a soap opera.

The RSI is lingering near 34, clawing its way out of oversold territory yet still shy of the neutral 50 mark-much like a student trying to avoid the principal’s office.

Immediate resistance looms between $2,000 and $2,050, tantalizingly close to the max pain level. Should ETH manage to breach that zone, we might just witness a joyous squeeze toward $2,200. Meanwhile, support lies near $1,900, with a more substantial floor around $1,800 waiting patiently for its moment to shine.

With positioning skewed heavily towards calls, particularly in Bitcoin, traders will be glued to their screens, eagerly anticipating whether prices gravitate towards those max pain levels or break free as contracts expire, potentially setting the stage for the next chapter in this thrilling financial saga.

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2026-02-20 10:21