PANews reported on February 5th that, according to Deribit data, over $2.5 billion worth of cryptocurrency options will expire this Friday. Of this, Bitcoin options have a notional value of $2.15 billion, a put/call ratio of 1.42, and a maximum stop-loss at $82,000; Ethereum options have a notional value of $408 million, a put/call ratio of 1.13, and a maximum stop-loss at $2,550.

Data shows that Bitcoin open interest is heavily concentrated in the $80,000 to $90,000 strike price range, with high put option activity indicating a defensive stance from traders amid market volatility. Ethereum open interest is primarily concentrated around the mid-$2,000 strike price, with strong put option open interest below the spot price and active call option interest on the upside. Analysts suggest that this expiry may cause a short-term reset of market maker hedging flows as market demand for protection increases and volatility is repriced. After expiry, the "gravity" associated with positions around large strike prices may weaken, and the price action after expiry may differ from that in the days leading up to expiry.