TechFlow reports that on February 28, Adam, macro researcher at Greeks.live, stated that today 59,000 BTC options will expire with a put/call ratio of 0.7 and a maximum pain point at $96,000, representing a notional value of $4.66 billion. Meanwhile, 529,000 ETH options are also expiring, with a put/call ratio of 0.52, a maximum pain point at $3,000, and a notional value of $1.12 billion.
Analysis shows that due to the sharp decline in U.S. stocks and multiple security incidents, the crypto market is on the verge of collapse this week, with major cryptocurrencies leading the downturn. Market panic has spread widely, and implied volatility (IV) has surged sharply—BTC's short-term volatility briefly reached 90%, while ETH's short-term volatility even exceeded 100%.
The report指出 that large options players have been consistently selling medium- and short-term call options over the past month, confirming institutions' earlier prediction that February would be a "dead period with no market momentum." The market indeed shows signs of lacking catalysts and capital inflows.
