Bitcoin exchange-traded funds (ETFs) faced significant withdrawals exceeding $410 million as the cryptocurrency’s price encountered resistance.
On Friday, more than $2.5 billion worth of Bitcoin options contracts expired, marking a major event in the market.
Market experts suggest that while the most severe phase of the downturn may have passed, bearish sentiment still dominates among investors.
On February 12, spot Bitcoin ETFs recorded net outflows surpassing $410 million as investors pulled their funds amid concerns over a potential wider decline in the crypto sector.
The following day, February 13, Bitcoin’s price hovered around $66,800 during a substantial expiration of options contracts valued at approximately $2.5 billion.
Crypto analysts have weighed in on what these developments might imply for Bitcoin’s near-term price movements.
Significant ETF Withdrawals and Large Options Expiry
The data reveals that all twelve US spot Bitcoin ETFs experienced net outflows on February 12, totaling over $410 million with no fund seeing inflows during this period.
The largest withdrawals came from BlackRock’s IBIT with nearly $158 million redeemed; Fidelity’s FBTC followed with about $104 million withdrawn; and Grayscale’s GBTC saw exits exceeding $59 million.
This marked two consecutive days of redemptions after a previous day outflow of roughly $276 million on February 11.
The retreat by institutional investors comes as Bitcoin struggles to maintain levels between approximately $65,450 and $67,500.
This wave of ETF redemptions coincided with an important weekly options expiry event occurring at 08:00 UTC on February 13. Around 38,000 Bitcoin contracts representing roughly $2.5 billion notional value expired—mostly traded on Deribit—with a put-to-call ratio near 0.72 and maximum pain point estimated close to$74,000.
Ethereum also experienced expirations totaling about215, 000options worth approximately$410million, withput/callratioaround0.82andmaximumpainpointat$2100.
The maximum pain levels for both assets are notably higher than current spot prices for BTC and ETH respectively, suggesting downward pressure as market makers hedge against risk from out-of-the-money call options.
Options Expiration Summary – Feb13
38K BTC contracts expired (Put-Call Ratio:0.71), max pain:$74K,$2.5B notional.
215K ETH contracts expired (Put-Call Ratio:0.82), max pain:$2100,$410M notional.
— Greeks.live (@GreeksLive) Feb13
Outlook for Bitcoin Price Movement
The combination of ongoing ETF withdrawals alongside general market weakness continues to weigh heavily against bullish momentum according to analysts’ assessments.
“Nearly9%oftotalopeninterestexpiredtoday,totalingclose to$2.9billion,”commentedGreek.liveanalystsviaX.TheresultantdeclineinimpliedvolatilityforBTCandETHhasseenBTCmain-termIVdropto50%,whileETHremainsaround70%.Althoughpricefallshaveeased,themarketconfidenceisstillfragile.””
- Recently Standard Chartered projected that bitcoin could revisit around&$50,000& before eventually climbing toward&$100,0Ǡ& by late2026.They citedETFoutflowsmacro headwinds,andbroaderriskassetweaknessasnegativefactorsaffectingthistrajectory.
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$410Moutflowsonaday.nUSspotBitcoinETFsjustloggedtheir4thstraightweekofbleeding.nAUMdownfrom$170B(Oct’25peak)to~$80B.nStandardCharteredcutsthe2026BTCtargetfrom150K→100Kandwarnsofaposible50Kflushfirst.nETHETFs…pic.twitter.com/H9W8lmAvRq
u2014DearBitcoiner⚡️(@DearBitcoiner)February132026n
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u00a0Notably,u00a0Bitcoinu00a0tested support aroundu00a060k earlier this month,u00a0while elevated implied volatility along with continuous ETF exits indicates strong downside protection measures being taken by traders.u00a0If these trends persist alongside other negative catalysts highlighted above,u00a050kcouldbecome thenextsignificantleveltobe tested in coming weeks or months.u003c/pu003e