February 13 options delivery data]

38,000 BTC options expired, Put Call Ratio is 0.71, maximum pain point is $74,000, nominal value is $2.5 billion.

215,000 ETH options expired, Put Call Ratio is 0.82, maximum pain point is $2,100, nominal value is $410 million.

The crypto market continues to bleed and decline, with the speed of the drop in the maximum pain point being very fast. Today, 9% of total positions are expiring options, totaling nearly $2.9 billion. This week, the implied volatility of Bitcoin and Ethereum has decreased, with BTC's main term IV at 50% and ETH's main term IV at 70%. The price decline trend has eased somewhat, but market confidence remains insufficient.

In terms of transactions, put options hold an absolute dominant position. After another drop yesterday, bottom-fishing forces have started to appear in small amounts. From the main options data, skew has also rebounded, and a larger number of call options have started to appear.

The market is still in a bear market, but this round of the most severe decline has come to an end. Currently, the crypto market lacks incremental funds, and it is still too early to talk about a bull market or a significant rebound.