February 13 Options Expiration Data 38,000 BTC options expired with a Put-Call Ratio of 0.71, maximum pain point at $74,000, and notional value of $2.5 billion. 215,000 ETH options expired with a Put-Call Ratio of 0.82, maximum pain point at $2,100, and notional value of $410 million. The crypto market continues its bleeding decline, with the maximum pain point falling rapidly. Today saw the expiration of options accounting for 9% of total open interest, totaling nearly $2.9 billion. This week, implied volatility for Bitcoin and Ethereum has declined, with BTC's main-term IV at 50% and ETH's at 70%. While the downward price trend has moderated, market confidence remains weak. In terms of trading activity, put options dominate overwhelmingly. Following yesterday's renewed decline, bottom-fishing activity has begun to emerge in small quantities. Key options metrics show Skew rebounding, and block trades are increasingly featuring call options. The market remains in a bearish phase, though the most violent leg of the downturn has concluded. With crypto markets currently lacking incremental capital, discussions of a bull market or major rebound are premature.