Over $2.5 billion in Bitcoin and Ethereum options will expire today, which could lead to increased volatility in the crypto market. Traders are closely watching how this event might impact prices over the weekend, especially after recent US economic data influenced market sentiment. Thousands of Bitcoin and Ethereum contracts are set to expire on Valentine’s Day , with Bitcoin options reaching a significant notional value. Data from Deribit shows that Bitcoin's put-to-call ratio remains below 1, meaning more traders are betting on price increases rather than declines. Ethereum contracts also hold a large notional value, with a similar put-to-call ratio. As the expiration approaches, Bitcoin’s "max pain" price—the level where the most options will become worthless—is significantly below the highly anticipated psychological mark. Similarly, Ethereum’s max pain price suggests traders are positioning themselves accordingly. While this week’s expiry event is smaller than last week’s, when billions of dollars in options expired, the market remains sensitive to external economic influences. Options expirations often bring price fluctuations, and while traders remain cautiously optimistic, the market has shown low volatility recently. Analysts note that despite positive news, Bitcoin and Ethereum prices have struggled to gain momentum. Market sentiment has been consolidating, with implied volatility hitting its lowest point in nearly a year. Experts suggest that institutions view February as a slow period for trading, leading to reduced market activity. As options contracts settle after expiration, there could be a push towards the max pain price level before price movements stabilize. The large volume of expiring contracts may still drive temporary market swings , making today’s developments crucial for traders watching price trends.