The expiry of $3.7 billion in Bitcoin options on the last Friday of February could have a significant impact on the Bitcoin market, as per information from Deribit. There is a total of $513 billion worth of options for Bitcoin, with a substantial open interest of 71,340 contracts for both calls and puts. The ratio of put options to call options for BTC is 0.76, indicating that for every 100 call options there are 76 put options. The proportion indicates a positive outlook, with further support from the maximum pain point at $47,000. Additionally, there is a significant amount of interest in call options with strike prices ranging from $53,000 to $60,000. This information on open interest by strike price comes from Deribit. The currently high price indicates a bullish outlook, which was not completely anticipated based on the options market analysis. If the price stays above $51,000, there may be a drop in the put/call ratio as traders could start choosing more calls in anticipation of continued bullish trends.