As of February 7, 2026, "smart money" and whale positioning for the March 27 expiry suggest a market bracing for a "tug-of-war" rather than a clear spring recovery. While the January 30 "gamma decay" event caused a massive flush, the March data indicates that professional traders are still heavily hedging for a potential "extended winter".
đ March 27, 2026: Open Interest & Strike Concentrations
The March quarterly expiry is currently the most significant data point for the first half of 2026.
Bitcoin (BTC) Open Interest: Total OI for the March 27 expiry remains high, with a put/call ratio of 0.59. While there are more calls than puts, the "Extreme Downside Protection" is notable.
Whale "Floor" Bets: Large clusters of put open interest are concentrated at the $50,000 and $60,000 strikes. This suggests that whales are not just hedging for a small dip, but are paying high premiums to protect against a catastrophic "black swan" event.
The $100k Dream: Conversely, the highest concentration of call options is at the $100,000 strike. This "barbell" positioning shows that whales are betting on extreme outcomes: either a deep capitulation to $50k-$60k or a violent rally back to $100k, with little expectation of a stable "sideways" market.
â Ethereum (ETH) March Outlook
Market Sentiment: Ethereum's March expiry has a put/call ratio of 1.01, indicating a perfect balance between bears and bulls.
Max Pain: The "Max Pain" price for March is currently sitting at $2,450, near today's trading levels, suggesting the market may "pin" here as gamma decays toward the end of the quarter.
đ Whale Behavior: Accumulation or Distribution?
On-chain data reveals a divergence between different classes of "large" holders:
Mega-Whale Accumulation: Wallets holding over 100,000 ETH have increased their holdings significantly over the last five months, signaling long-term conviction.
Exchange Inflows: However, the Exchange Whale Ratio on Binance has hit its highest reading since March 2025 (0.447), which often precedes large-scale selling or complex derivatives hedging.
Institutional "Steady Bid": Analysts believe 2026 will be defined by institutional demand providing a consistent "bid" or floor, even as long-term retail holders continue to distribute their coins.
The high Implied Volatility (IV) across both assets means that options remain very expensive. Most whales are currently using "Put Spreads" to lower the cost of their downside protection while they wait for a clearer macro signal.