On February 19, Deribit published the details of Bitcoin and Ethereum option expirations amid a volatile market environment. The crypto market is down more than 1.8% in the last 24 hours, with a total market capitalization of more than $2.3 trillion. Both digital assets are trading in the red today. However, options expiration data shows bullish market positioning, especially for Bitcoin.
BTC and ETH option expiration details
Deribit revealed that more than $2.4 billion in crypto options will expire on February 20 at 08:00 (UTC). Over $2.08 billion in BTC options will expire with a Put/Call ratio of 0.59 and a Max Pain point of $70,000. Also, $404 million worth of ETH options will expire tomorrow morning with a Put/Call ratio of 0.75 and a Max Pain point of $2,050. The positioning shows numerous calls for both digital assets, and traders seem inclined towards a bullish view, especially on BTC. ETH's positioning is more balanced, but still constructive, Deribit added.
Options expiration warning
At 08:00 UTC tomorrow, over $2.4 billion in crypto options are set to expire on Deribit.$BTC: ~2,0 miliarde USD noțional | Put/Call: 0,59 | Max Pain: 70K USD$ETH: ~$404 million notional | Put/Call: 0.75 | Max Pain: $2,050 Positioning is predominantly call for both assets, with… pic.twitter.com/pgl2z4ZGJ6
— Deribit (@DeribitOfficial) February 19, 2026
Meanwhile, many traders have opened puts on BTC at $40,000 ahead of tomorrow's expiration. Strong protection against steep declines is seen, although most traders are bullish.
Bitcoin and Ethereum price evolution
On February 19, both BTC and ETH are showing signs of volatility towards the end of the week.
BTC price trajectory
At the time of writing, BTC is trading above $66,000, down 0.9% in the last 24 hours.
BTC Price in USD Today The price of the digital asset has fallen from above $68,000 on February 18, hitting lows in the $65,000 area. Institutional interest in BTC took a break, and on February 18, US BTC ETFs saw their second consecutive day of outflows, surpassing $138 million, according to SoSoValue data.
BTC ETF Streams – SoSoValue data
ETH price trajectory
At the time of writing, ETH is trading above $1,950, down over 1.4% in the last 24 hours.
ETH USD Price Today After breaking the $2,000 mark on February 18th, the ETH price dropped to the $1,900 level and held above it. ETH ETFs also had a day of outflows on February 18, with negative flows of over $41 million. This was the first day out since February 12.
ETF ETH Flows – SoSoValue data Both BTC and ETH saw volatility during the Lunar New Year week as previously predicted. It remains to be seen how the markets will react tomorrow after the crypto options expire, and whether they will recover over the weekend. For now, sentiment is still in the Extreme Fear zone, although there are reasons for optimism, especially due to crypto support from X. BUY BTC, ETH