5 Minutes
Large $2.1B Bitcoin options expiry adds pressure as markets wait
Bitcoin is under renewed selling pressure as a sizable cluster of derivatives hits the clock. Roughly $2.1 billion in Bitcoin options are scheduled to expire at 08:00 UTC on Feb. 6, data from Deribit shows, covering about 34,000 contracts. With macro sentiment fragile and liquidity thin, traders and market makers are watching whether the $60,000 support area will hold after settlements complete.
What the option flow means for BTC price action
The current options profile points to restricted upside momentum. The put-to-call ratio for Bitcoin options sits near 0.60, indicating that more call contracts were purchased than puts in the lead-up to expiry. However, most call strikes are significantly above spot price, and the theoretical max pain level — the price at which option holders collectively realize the largest losses — is near $80,000, far above today’s market.
When calls are largely out of the money, dealers and liquidity providers have less incentive to buy spot Bitcoin to hedge. That reduces the typical buying pressure that can lift price toward the max pain area during large expiries. Conversely, many put options are already in profit, which can limit forced selling from option hedges but also means there is limited active downside hedging demand pushing the market one way or another.
Ethereum options also expire alongside BTC
Ethereum faces its own options expiry at the same timestamp, roughly $390 million notional, with a put-to-call ratio around 1.01 and a max pain price near $2,450. Combined expiries in BTC and ETH can temporarily tighten liquidity across major exchanges and amplify intraday volatility in crypto markets.
Short-term technical backdrop — why $60K matters
Bitcoin briefly dropped to an intraday low of $60,286 before finding some stability in a tight $63,000–$65,000 range. The token remains nearly 50% below its 2025 cycle peak above $126,000 after a series of risk-off rotations and liquidation events.
Technically, BTC has broken below the 100-day moving average, which served as a primary trend support for much of 2025. Several recovery attempts stalled near $83,000, handing control back to sellers and creating a sequence of lower highs. The bearish structure was reinforced when price fell below the lower Bollinger Band, a move that often accompanies disorderly selling rather than orderly profit-taking.
Bitcoin daily chart.
Momentum indicators add to the cautious outlook. The relative strength index (RSI) has plunged toward the low-20s, levels rarely sustained without a relief bounce, and recent daily candles have frequently closed near intraday lows — a sign dip buyers have not yet stepped in strongly. A former support zone around $75,000 has failed to hold, shifting focus to the psychological and technical floor at $60,000.
Scenarios traders are watching
If $60,000 holds on a daily close, expect potential short-term relief rallies. In that case, corrective upside toward the $70,000–$75,000 area is possible, although any such rebound would likely struggle to sustain unless BTC reclaims the 100-day moving average near $83,000.
If selling pressure resumes and $60,000 breaks decisively, the path toward the mid-$50,000s could reopen. Under that scenario, downside momentum would likely persist, and sentiment-driven rebounds may remain limited until the market structure shows signs of stabilization.
How traders should approach the expiry
Options expiries of this scale can cause intra-day whipsaws and short-term liquidity squeezes. Market participants often monitor open interest distribution, skew, and exchange-level order books to anticipate clusters of stop-losses or large delta hedging flows. For spot traders and swing participants, preserving risk controls around key support levels such as $60,000 makes sense given the current lack of conviction from dip buyers.
Active derivatives traders will watch implied volatility and funding rates, which can swing quickly around large expiries. Hedgers and market makers will adjust exposure based on realized moves; that dynamic, not the notional size alone, usually dictates the immediate price response.
Bottom line
Today’s $2.1B Bitcoin options expiry is significant in size and could keep price action muted or more volatile depending on how hedging flows play out. With most calls set well above spot and max pain near $80,000, there’s limited built-in incentive for market-makers to push BTC sharply higher through hedging. As a result, BTC could either hold the $60,000 line for a short-lived recovery or slip toward lower support if selling pressure intensifies. Traders should weigh options market signals alongside technical levels and manage risk accordingly.
Source: crypto
Comments
Armin
Pretty balanced take, but RSI in low 20s usually sparks a relief bounce. If 60K breaks, mid 50s fast. Manage risk ppl, don’t get cute
blockflux
Wait so most calls are way OTM and max pain at 80k? Makes sense mkt makers wont buy spot then. Feels like sellers using that as cover, hmm
Leave a Comment