【February 13 Options Expiration Data】

38,000 BTC options are expiring, with a Put Call Ratio of 0.71. The maximum pain point is $74,000, with a notional value of $2.5 billion.
215,000 ETH options are expiring, with a Put Call Ratio of 0.82. The maximum pain point is $2,100, with a notional value of $410 million.
The crypto market continues to bleed and decline, with the speed of the maximum pain point decreasing rapidly. Today, options accounting for 9% of total open interest are expiring, totaling nearly $2.9 billion.
This week, the implied volatility of Bitcoin and Ethereum has decreased. BTC's main-term IV is around 50%, and ETH's main-term IV is around 70%. The downward price trend has eased, but market confidence remains insufficient.
In terms of trading volume, put options dominate, but after another decline yesterday, some bottom-fishing activity has started to appear. Based on major options data, skew has rebounded, and there is an increase in bullish options activity.
The market is still in a bear phase, but the most intense decline of this cycle has ended. Currently, the crypto market lacks incremental capital, and it is premature to talk about a bull market or a major rebound.