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Approximately $5 billion worth of Bitcoin 
$110,739 options contracts on the Deribit exchange are expected to expire this Friday at 08:00 UTC. Observations indicate that fluctuations and sudden drops in Bitcoin’s price are increasing market uncertainty.
Current Status of Options Contracts
The long-term consolidation of Bitcoin has resulted in a downward trend for Deribit’s volatility index, DVOL, throughout 2025. However, a recent sharp price drop caused the DVOL value to spike to 52 before falling back below 50. This situation suggests that temporary market uncertainty has increased.
Market Uncertainty and Directions
The price falling below $90,000 has rendered a significant portion of options out-of-the-money. Calculations indicate that approximately 78% of the $5 billion contracts are poised to incur losses for investors.
Additionally, the “max pain” level in the market is reported to be $98,000. This figure represents the price point at which option sellers would achieve the highest profits while buyers face the greatest losses. Relevant analyses suggest that this scenario might encourage option sellers to push Bitcoin’s price upward.
In comments regarding the options market, the analysis firm PowerTrade highlighted significant points.
PowerTrade: “As the end of the month approaches, Bitcoin options traders need to be cautious. On February 28, the max pain is at $98,000, indicating a high market deficit. This could lead market makers to keep the price close to this level.”
Analyses reveal that a significant portion of the options contracts that will expire worthless could lead to serious losses for investors. The uncertainty in the market raises the need for investors to adjust their risk management strategies.
Investors should be aware that sudden directional changes in the market could bring risks. Potential price trends in the options market may necessitate a reassessment of investment strategies.
