Bitcoin holds ground as $2.4B options roll off today

• Lyla Velez
• February 20, 2026
• News
• 0 Comments

Key Points:

• Traders assess BTC, ETH, XRP, SOL rebounding toward options max pain.
• Intraday pinning near major strikes possible into expiries amid volatility.
• Direction hinges on market flows, positioning; short liquidations complicate outlook.

Traders are weighing whether Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) can rebound toward their options “max pain” levels as short liquidations ripple through the market. Intraday pinning around major strikes is possible into expiries, but direction remains contingent on flows and positioning.

According to CoinGape, the crypto market is seeing massive short liquidations and the debate is whether Bitcoin, ETH, XRP, and Solana will rise toward their max pain prices today. Max pain can shape day-of dynamics, although it is not a price target and does not guarantee a rebound.

Max pain, options expiry, and short liquidations explained

Max pain is the strike level at which option buyers collectively lose the most at expiry, inferred from the distribution of open interest across calls and puts. It can influence “pinning” near expiration as hedging and unwinds concentrate around dense strike clusters, but spot often diverges when directional flows dominate.

Derivatives briefs emphasize today’s expiries and nearby “max pain” anchors for BTC and ETH. As reported by Coinpedia: “Bitcoin and Ethereum options worth $2.4B expire today, with key max pain levels at $70K and $2050 shaping short-term crypto volatility.”

Separately, according to Bitget News, nearly $2.5 billion in Bitcoin and Ethereum options are due to expire today, pointing to an elevated volatility window as traders balance hedges and speculative positioning. Large expiries can compress price action around crowded strikes, yet outsized directional orders may overwhelm any pinning effect.

For downside hedging context, Cointribune reports that the Bitcoin $40,000 put climbed to about $490 million in value before February 27, indicating active protection against tail risk. Such put demand can reflect caution and may increase dealer hedging flows if spot accelerates lower.

Support, resistance, and intraday scenarios

Reported max pain reference points today sit near $70,000 for BTC and $2,050 for ETH, levels that can act as gravity zones around expiry without constituting formal support or resistance. If spot trades below these marks, a push toward them could emerge if shorts are forced to cover.

Conversely, if sell pressure persists and put-heavy strikes remain dominant, spot can drift away from max pain and test lower liquidity pockets. Short liquidations can cut both ways: relief rallies if shorts are squeezed, or further pressure if cascading stops are triggered.

This is informational analysis, not financial advice. Options open interest and liquidation flows evolve intraday, and figures cited here reflect the named publications’ reporting at their respective timestamps.