TechFlow News: According to Greeks.live data, on February 13, a total of 38,000 BTC options and 215,000 ETH options expired today, with a notional value nearing $2.9 billion. The BTC options put-call ratio stands at 0.71, with the maximum pain point at $74,000; the ETH options put-call ratio is 0.82, with the maximum pain point at $2,100.
Although the market continues to decline, the implied volatility (IV) for both Bitcoin and Ethereum has decreased—BTC’s IV across major tenors sits at 50%, while ETH’s stands at 70%—indicating a slight easing in the downward price trend. Notably, large trades now account for 75% of total volume, and call options represent a recent peak share, totaling approximately $1.7 billion, predominantly concentrated in medium- to long-dated deep out-of-the-money strikes—suggesting long-term investors are beginning to position themselves for this year’s potential rebound.
Analysts believe that although the market remains bearish, the most intense phase of the sell-off has likely concluded. However, given the absence of incremental capital inflows, it is still premature to discuss a bull market or a major rebound. The market may need to undergo a period of consolidation and further bottoming before initiating a sustained recovery.
