TechFlow News: On February 5, according to Deribit data, over $2.5 billion worth of cryptocurrency options contracts will expire tomorrow (UTC 08:00). Among them, Bitcoin options account for $2.15 billion, with a put/call ratio of 1.42 and a maximum pain price at $82,000; Ethereum options account for $408 million, with a put/call ratio of 1.13 and a maximum pain price at $2,550.
Bitcoin open interest is primarily concentrated in the $80,000–$90,000 range; the increase in put activity indicates traders are adopting a cautious stance toward recent market movements. Ethereum positions are clustered around the mid-$2,000 level; put holdings are relatively strong below the spot price range, while call interest remains active in higher price zones.
Analysis suggests that, amid rising hedging demand and volatility repricing, this options expiry may trigger a short-term reset of market maker hedging liquidity and could eliminate the “gravity effect” around key strike prices—potentially resulting in post-expiry price action differing from that observed in the preceding days.
