The post Bitcoin bears could sleepwalk into a $8.65 billion trap as options max pain expiry nears $90,000 appeared on BitcoinEthereumNews.com.

Bitcoin’s next big options gravity well sits on Mar. 27 (260327), and the reason is simple: this is where the market has parked a thick stack of conditional bets that will need to be unwound, rolled forward, or paid out as the clock runs down. The Mar. 27 expiry carries about $8.65B in notional OI and flags $90,000 as max pain, a rough reference point for where, in aggregate, option holders would feel the most pain at settlement. The broader options complex is enormous, with total BTC options open interest around $31.99B across exchanges, led by Deribit at roughly $25.56B, with the rest split across CME, OKX, Binance, and Bybit. Chart showing Bitcoin options open interest from Feb.1 to Feb. 5, 2026 (Source: CoinGlass) That concentration can shape how price behaves on the way there, particularly when liquidity thins and hedging flows start to matter more than anyone wants to admit. Options can often sound like some kind of private language of institutional traders, which is convenient right up until they start influencing spot price. Our goal here is to translate a crowded derivatives calendar into something legible: where the bets are concentrated, how that concentration can change behavior in spot markets, and why March 27 stands out. Related Reading My $49k Bitcoin prediction playing out but BTC is closing in on a major BUY ZONE My September Bitcoin call played out like clockwork, now we all need to remember what’s most likely to come next. Feb 6, 2026 · Liam ‘Akiba’ Wright March 27 and the shape of the bets On Mar. 27 (260327), data shows more calls than puts, roughly 69.85K calls versus 53.25K puts, with puts carrying far more market value than calls in that moment. Chart showing the open interest for Bitcoin options on Deribit by…

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Filed under: News - @ February 8, 2026 9:16 pm