Ethereum Expiry Day: Billions at Stake as AI Infrastructure Grows in Popularity
February 14, 2026
Ethereum has once again captivated the cryptocurrency market, with billions at stake as AI infrastructure asserts itself in the digital landscape. Deribit, a key player in the market, witnessed the expiration of around 215,000 Ethereum option contracts, amounting to a staggering $410 million in notional value. The put-call ratio for these options was at 0.82, and the maximum-pain price point, where most contracts expire worthless, was identified at $2,100, just above the current trading level of approximately $2,050.
This significant milestone coincides with the expiration of Bitcoin options, bringing the total activity close to $3 billion. Analysts have noted a prevailing preference for put options, with Bitcoin put options alone accounting for over $1 billion or 37% of the total volume, signaling a consistent demand for hedging from institutional traders. The market has seen a marked shift towards put options, especially following Ethereum’s recent decline below key support levels.
In parallel with these developments, there have been notable movements in on-chain data, indicating substantial transactions by large holders. Approximately $660 million worth of Ethereum has recently been withdrawn from exchanges, while major holders have capitalized on the market pullback, acquiring nearly $2 billion in assets. This accumulation in the spot market contrasts with a more reserved stance in the derivatives market, suggesting discordant predictions regarding short-term price movements.
The narrative around Ethereum is evolving beyond derivatives to position itself as a central component for artificial intelligence applications. The introduction of the ERC-8004 standard, tailored for AI agent identity and reputation, has seen the enrollment of almost 21,000 agents since its mainnet launch in late January 2026. This standard, crafted with input from industry giants like the Ethereum Foundation, MetaMask, Google, and Coinbase, empowers AI agents to establish verifiable identities, create reputational frameworks, and engage across platforms without relying on centralized intermediaries.
Vitalik Buterin, the co-founder of Ethereum, advocates for a related proposal introducing stake-based identity systems to govern API usage by AI. Leveraging zero-knowledge proofs and collateral-based credits, this concept facilitates privacy-preserving API access. An Ethereum Foundation AI leader posits that Ethereum is transitioning towards a privacy-centric infrastructure layer for AI and autonomous agents.
As the Ethereum ecosystem undergoes strategic realignment, the Ethereum Name Service (ENS) recently made a pivotal decision to shift away from its planned Namechain Layer-2 solution, opting instead to exclusively utilize ENSv2 on the mainnet. This shift highlights growing confidence in Layer-1 capabilities following the Fusaka upgrade in late 2025, which ushered in PeerDAS and enhanced data availability.
In the midst of all these developments, the crypto market is left to wonder about the next steps forward, with a substantial options expiry, significant whale accumulation, and a burgeoning AI infrastructure on Ethereum signalling a possible turning point for the digital landscape.
