How Will Markets React to $2.6B Crypto Options Expiring Today?

Another week’s end is here, which means many crypto options contracts are expiring as the markets eye a recovery.

About 31,700 Bitcoin options contracts will expire on Friday, March 6, with a notional value of approximately $2.2 billion. This event is much smaller than last week, so it is less likely to affect the existing markets.

Crypto markets saw a bit of daylight this week, as nearly $150 billion was added to the total market capitalization since Monday, but things were starting to cool down again on Friday.

Bitcoin Options Expiration

This week’s batch of Bitcoin options contracts has a put/call ratio of 1.7, meaning there are more expiring shorts (puts) than longs (calls). The biggest pain is about $69,000, according to Coinglass, which is slightly below the spot price, many may be out of money when it expires.

Open interest (OI), or the number or number of Bitcoin options contracts yet to expire, remains above the $60,000 strike price on Deribit as bearish bets remain strong. The total number of OI BTC options on all exchanges has been increasing this month and has reached $41.7 billion.

Crypto derivatives provider Greeks Live saw a market rebound, noting that Bitcoin held firm above the $70,000 psychological level and is “now poised to challenge $75,000.”

“However, options market data shows that selling call options have dominated trading over the past two days. Despite continued price gains, momentum has waned.”

March 6 Data Expiration Options

32,000 BTC options expired with a Put-Call Ratio of 1.69, the maximum pain point at $69,000, and a virtual value of $2.3 billion.
184,000 ETH options expired with a Put-Call Ratio of 0.85, a pain point at $1,950, and a psychological price of $380… pic.twitter.com/wIZP4KDhg2

– Greeks.live (@GreeksLive) March 5, 2026

In addition to today’s batch of Bitcoin options, about 184,000 Ethereum contracts are also expiring, with a symbolic value of $380 million, maximum pain at $1,950, and a put/call ratio of 0.85. Total OI ETH options on all exchanges are around $7.5 billion.

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This brings the total value of crypto options expiring to around $2.6 billion.

Spot Market Outlook

Market capitalization fell 1.2% on the day to $2.49 trillion; however, it remains at the upper limits of its side track for the rest of the month.

Bitcoin hit $74,000 for four weeks on Thursday but was stopped there and returned to $70,300 at the time of writing. The stock has seen a strong recovery since the outbreak of war in Iran last weekend.

Ether prices stood at $2,200 and declined 2% on the day back to $2,065 during Friday’s Asian trading session. The altcoins were higher on the day and failed to move in line with the top two this week.