$2.5 Billion Crypto Options Expiry Looms — But It’s the Massive $40,000 Bitcoin Bet That Has Traders on Edge

Nearly $2. 5 billion in Bitcoin and Ethereum options expire today, setting up a potentially volatile end to the month as traders juggle upside bets with deep downside insurance. On the surface, positioning appears constructive. But beneath the call-heavy skew lies a striking anomaly: one of the largest open interest clusters in Bitcoin sits far below spot — at the $40,000 strike source: https://beincrypto.com/bitcoin-ethereum-options-expiry-february-2026/