[February 13 Options Delivery Data] 38,000 BTC options are expiring, with a Put-Call Ratio of 0.71, a maximum price ceiling of $74,000, and a notional value of $2.5 billion. 215,000 ETH options are expiring, with a Put-Call Ratio of 0.82, a maximum price of $2,100, and a notional value of $410 million. The crypto market continues its bleeding decline, with the biggest pain points falling rapidly. Today, options representing 9% of total open interest, totaling nearly $2.9 billion, expire. This week, implied volatility for Bitcoin and Ethereum has decreased, with BTC's primary term IV at 50% and ETH's at 70%, indicating some easing of the price downtrend. However, market confidence remains weak. In terms of trading volume, put options dominated, while buy the dips hunters began to emerge in small numbers after yesterday's further decline. Looking at major options data, Skew also saw a rebound, and a significant number of call options appeared in commodities. The market is still in a bear market, but the most severe decline in this round has come to an end. Currently, the crypto market lacks new funds, and it is too early to talk about a bull market or a major rebound.