Bitcoin ETFs Hemorrhage $410M During $2.5B Options Period: Is BTC Facing A Deep Crash?
As prices struggled, Bitcoin saw its exit above $410 million. More than $2.5 billion in Bitcoin options expired on Friday. Analysts say the “worst of the recession” may be over, but the market remains weak.
Bitcoin ETFs faced fears of a broader crypto market downturn on February 12 as investors pulled capital out of exchange-traded funds.
And on Friday morning, February 13, the price of BTC fluctuated around $66,800.
Crypto analysts share their thoughts on what this could mean for the price of Bitcoin in the short term.
Bitcoin ETF costs and $2.5 billion in options expires.
The data shows that Bitcoin ETFs in the US spot recorded net inflows of more than $410 million yesterday, with none of the 12 spot ETFs realizing net inflows.
BlackRock's IBIT led the way with nearly $158 million, Fidelity's FBTC had $104 million, and Greyscale's GBTC had more than $59 million in exits.
This was the second consecutive day of redemptions, following $276 million on February 11.
Institutional investors are pulling back in Bitcoin's struggle around the 67,500-$65,450 range.
New ETF Outflow Critical Weekly Options Expires on Feb 13 08:00 UTC
Approximately 38,000 Bitcoin contracts worth $2.5 billion have expired, primarily on Deribit, with a call/call rate of 0.72 and a maximum pain point of around $74,000.
Ethereum has $410 million worth of 215,000 ETH options expired with a call/call rate of 0.82 and a maximum pain point of $2,100.
These high pain signals are located above BTC and ETH levels, and are likely drivers of downward pressure as market makers seek to hedge delta exposure on out-of-the-money calls.
February 13 Options Expiration Data 38,000 BTC options with a call ratio of 0.71, maximum pain point at $74,000, and estimated value of $2.5 billion. 215,000 ETH options with a call ratio of 0.82, maximum pain point at $4,10 expired. pic.twitter.com/07TKfJxmMi
— Greeks.live (@GreeksLive) February 13, 2026
Bitcoin price prediction
ETF outflows and broader market weakness are stifling bulls, and analysts say the sentiment is skewed bearish.
“Today saw the expiration of options for 9% of the total open interest, reaching a total of 2.9 billion dollars. This week, the volatility has decreased for Bitcoin and Ethereum, the main time IV of BTC is at 50% and ETH at 70%. While the downward price trend is corrected, market confidence is still weak” in Greece Xlive analysts.
Despite this view, the market may have a “very strong downward leg” behind it. If sentiment improves, prices may take an inverted direction.
In this case, it could be a relief rally above the crucial $70,000 mark.
However, ETF bleeding and macroeconomic headwinds can increase significantly.
On Thursday, Standard Chartered forecast that bitcoin's price could test $50k again before rising to $100k by the end of 2026. The bank cites ETF outflows, macro pressures and broader risk asset sentiment as negative catalysts.
410 million dollars will be released in one day.
US spot Bitcoin ETFs just entered their 4th straight blood week.
AUM is down from $170B (Oct 25 peak) to ~$80B.
At the same time, Standard Chartered lowers its 2026 BTC target from $150K → $100K, warning of a potential outflow of $50K at first.
ETH ETFs… pic.twitter.com/H9W8lmAvRq
— Dear Bitcoiner ⚡️ (@DearBitcoiner) February 13, 2026
In particular, BTC tested support at $60k this month, and higher volatility, coupled with ETF exits, suggests strong downside protection.
If outflows continue amid other highlighted downside triggers, the $50k level could be the next target.
