A significant options expiration event is set to occur, with over $2.7 trillion in notional options exposure scheduled to expire on February 21, 2025. This includes $1.2 trillion of SPX options and $615 billion of single stock options. The expiration is expected to influence market dynamics, with dealers holding a long position of $9.787 billion in S&P 500 gamma, which could act as a buffer against market volatility. Analysts from Goldman Sachs have noted that approximately 50% of this gamma position will roll off, potentially allowing for more significant market movements in the following week.