BTC February 27 Options

Core Data Extraction:

Current Underlying Price: $69,591 ($BTC perpetual/spot near level).

Settlement Date: February 27, 2026 (monthly options, 12 days remaining).

Maximum Pain: $80,000.

Put/Call Ratio (Volume): 0.44 (extremely bullish sentiment).

Put/Call Ratio (Open Interest OI): 0.85 (neutral to bullish).

Implied Volatility (IV): about 47.2%.

Statistical Analysis:

Current Price $69.6k, while the maximum pain for the 2/27 monthly options is as high as $80k! The price difference reaches 15%, suggesting that market makers' hedging momentum will push the price upwards. The 24h P/C Ratio is only 0.44. Bulls are frantically buying Calls, and the market is not only bullish but also betting on a "quick surge". Massive sell orders are piling up at the $100k level, which is the absolute ceiling for this quarter, making it difficult to surpass in the short term.

Operational Suggestions:

Bulls: Spot can continue to be held, and if it retraces to around $68k, it is a good point for adding positions, targeting $78k-$80k.

Options Players: IV is neutral (47%), suitable for constructing a Bull Call Spread, buying the $70k Call while simultaneously selling the $85k Call to hedge costs and seek upward recovery returns.

Risk: Deep out-of-the-money Put IV is abnormal, remember to leave defensive space for the position and be alert to sudden increases in volatility.