BTC and ETH options nearing $17.7B expiry as Greeks.live flags weak confidence and early bottom signs

Greeks.live data on February 26 show 116,000 BTC options and 2.06 million ETH options expiring this Friday, with respective Put/Call Ratios of 0.76 and 0.77, maximum pain points at $75,000 and $2,200, and notional values of $7.9 billion and $9.8 billion. Adam, an analyst at Greeks.live, noted that the crypto market has stayed sluggish, with Bitcoin briefly touching the $60,000 psychological level in early February and then consolidating weakly above $60,000 for the month, while options representing 20% of total open interest, nearly $9 billion, are due to expire tomorrow and Bitcoin open interest is at a multi‑year high. According to Greeks.live, this week’s two‑day rebound has pushed implied volatility higher, with Bitcoin's main‑term IV at 47% and Ethereum's at 65%, and trading is dominated by large‑volume call options, especially medium‑ to long‑term calls after yesterday's rebound, as Skew broadly recovers and suggests emerging bullish sentiment and buying pressure. Adam added that the market is still in a bear phase with no clear new capital inflows or catalysts, pessimistic sentiment leading social media, and that true bottom‑line panic may not yet have occurred.