Coin Newsweek – February 27, 2026 – The cryptocurrency market is bracing for the largest derivatives event of February as over $8.72 billion in Bitcoin and Ethereum options reach their expiration today. With both assets trading significantly below their respective "max pain" levels and volatility metrics flashing mixed signals, traders are preparing for potential market turbulence as settlement unfolds. Bitcoin dominates the expiry with 114,705 contracts representing approximately $7.74 billion in notional value. Ethereum follows with 478,992 contracts worth roughly $975 million. Combined, these expiries account for about 20% of total open interest across both assets, giving them outsized potential to influence spot market dynamics. The Max Pain Dynamic: Prices Trail Strike Levels Perhaps the most significant factor heading into today's expiry is the relationship between current spot prices and the "max pain" level—the strike price at which the greatest number of options expire worthless, causing maximum financial pain for option buyers. Bitcoin currently trades near $68,052, notably below its max pain threshold of $75,000. Ethereum changes hands around $2,035, trailing its $2,200 ...