Bitcoin, Ethereum Face Volatility from $3B Options Expiry

Edgen Crypto

·Feb 13 2026, 07:10

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Key Takeaways

Nearly $3 billion in Bitcoin and Ethereum options contracts are expiring today, creating a significant point of potential volatility for the two largest cryptocurrencies. The event is centered on the Deribit exchange and is being closely watched by traders for its potential to either suppress price action or trigger a sharp move.

A total of $3 billion in Bitcoin and Ethereum options contracts are set to expire today, February 13, 2026, at 08:00 UTC.
The expiry is concentrated on the Deribit exchange, a dominant platform for cryptocurrency derivatives, focusing market attention on its order book.
Market participants anticipate either price pinning around key strike levels or a sharp directional move as traders adjust their large positions.

Deribit Manages $3 Billion Expiry at 08:00 UTC

Derivatives markets are bracing for a major liquidity event as nearly $3 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts expire today, February 13, 2026. The settlement, scheduled for 08:00 UTC on the Deribit exchange, compels traders to close, roll over, or exercise their positions. This concentration of activity creates a critical focal point that could heavily influence short-term price action for both assets.

Traders Watch for Volatility Spike from Massive Settlement

Such a large-scale expiry introduces significant uncertainty and potential for sharp price swings. Historically, these events often lead to two primary scenarios. The first is "price pinning," where the underlying asset's price gravitates toward a strike price with high open interest as market makers hedge their exposure. Alternatively, the pressure from expiring contracts can shatter key support or resistance levels, triggering a new directional trend. Investors are closely monitoring whether this settlement will serve as a catalyst to break the market's recent calm or simply pass without major disruption.