The crypto derivatives market saw a major expiration event on February 13, with nearly $2.9 billion in Bitcoin and Ethereum options contracts rolling off. The expiry accounted for roughly 9 per cent of total open interest and came as the broader crypto market continues to struggle for direction.
A total of 38,000 Bitcoin options expired, representing a notional value of $2.5 billion. The put-call ratio stood at 0.71, with a maximum pain point at $74,000. For Ethereum, 215,000 contracts expired, with a notional value of $410 million, a put-call ratio of 0.82, and a maximum pain point at $2,100.
February 13 Options Expiration Data
38,000 BTC options expired with a Put-Call Ratio of 0.71, maximum pain point at $74,000, and notional value of $2.5 billion.
215,000 ETH options expired with a Put-Call Ratio of 0.82, maximum pain point at $2,100, and notional value of $410… pic.twitter.com/07TKfJxmMi— Greeks.live (@GreeksLive) February 13, 2026
Volatility eases as selling pressure slows
Implied volatility has declined over the past few days. Bitcoin’s near-term implied volatility is around 50 per cent, while Ethereum’s sits closer to 70 per cent. The sharpest leg of the recent downturn appears to have cooled, though prices remain under pressure and overall sentiment is still weak.
While the pace of the decline has slowed, there is little evidence of strong new capital entering the market. Traders remain cautious, waiting for clearer signs of stability before increasing exposure.
Defensive positioning still dominates
Put options continue to outweigh calls in broader trading activity, reflecting ongoing demand for downside protection. However, there are early signs of selective dip buying. Small amounts of call accumulation have appeared in block trades, and skew metrics have started to rebound.
Even so, the market remains in a bearish phase. Without sustained inflows or a decisive shift in macro conditions, talk of a major recovery or new bull cycle appears premature. For now, derivatives data suggests stabilization, not resurgence.
Notably, crypto markets weakened during early Asian trading, extending a cautious tone seen over the weekend as global risk sentiment deteriorated. More than $550 million in leveraged long positions were liquidated, with Bitcoin briefly slipping below before stabilising.
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