On February 13th, a total of 38,000 BTC options and 215,000 ETH options expired, with maximum triggers of $74,000 (BTC) and $2,100 (ETH) respectively, for a total notional value of nearly $2.9 billion.
The cryptocurrency market continues to decline, causing pain points to fall rapidly. Options expiring today account for 9% of total open interest; while implied volatility this week is down, market sentiment remains weak and no new Capital inflows have emerged.
- 38,000 BTC options and 215,000 ETH options expire on February 13th.
- Maximum pain threshold: BTC $74,000; ETH $2,100; notional value ~$2.9 billion.
- IVs decreased (BTC 50%, ETH 70%), but the market is still skewed towards put positions and lacks new Capital .
Option expiration data for February 13th
The put-call ratio for BTC is 0.71; for ETH it is 0.82. Notional value: $2.5 billion (BTC) and $410 million (ETH).
According to Greeks.live analysis, 38,000 BTC options and 215,000 ETH options expired on February 13th. The maximum pain point for BTC is at $74,000, while for ETH it is at $2,100, reflecting the price range where the options market tends to optimize losses for holders.
Today, expiring options accounted for 9% of total open interest, with a notional value of nearly $2.9 billion. Amidst continued price declines, the rapid drop in key support levels indicates widespread downward pressure across the Derivative market.
Market volatility signals, positions, and sentiment.
IVs declined this week: BTC main contract down 50%, ETH down 70%; put options dominated in volume, but Dip -buying activity emerged after the most recent dip.
Despite the decrease in IV, developments suggest the market has not yet recovered clear confidence. Volume leaned towards put options, consistent with a defensive trend as prices fell; after yesterday's continued decline, some Dip -hunting capital has begun to enter the market.
Large options data shows a rebound in Skew prices, while commodities saw significant gains in call options. However, the market is still described as a bear market; the assessment is that the most severe decline may be over, but due to a lack of new Capital inflows, it is too early to talk about a Bull market or a strong recovery.
