Bitcoin Spot ETFs Record $410M Outflows on Feb. 12 as $2.5B Options Expire

US spot Bitcoin ETFs registered net outflows exceeding $410 million on February 12, marking a second consecutive day of redemptions following $276 million in outflows on February 11, with BlackRock's IBIT, Fidelity's FBTC and Grayscale's GBTC among the largest sources of exits as Bitcoin traded in the $67,500–$65,450 range. The withdrawals coincided with the February 13 weekly options expiry at 08:00 UTC, when roughly 38,000 BTC options contracts with a notional value of $2.5 billion and a put/call ratio near 0.71 expired, alongside 215,000 ETH options worth about $410 million, Greeks.live data show. Greeks.live analysts noted on X that the expiring options represented about 9% of total open interest of nearly $2.9 billion, with implied volatility for Bitcoin and Ethereum declining to around 50% and 70% respectively, while maximum pain points near $74,000 for BTC and $2,100 for ETH sit above spot levels. Standard Chartered recently cut its 2026 Bitcoin target from $150,000 to $100,000 and warned of a possible retest of $50,000 after BTC tested $60,000 support this month.