February 6 Options Expiration 33,000 BTC options expired with a Put-Call Ratio of 0.54, maximum pain point at $80,000, and notional value of $2.1 billion. 219,000 ETH options expired with a Put-Call Ratio of 0.91, maximum pain point at $2,400, and notional value of $420 million. The crypto market suffered a bloodbath today as BTC briefly dipped below $60,000 and ETH fell below $1,750. Options contracts representing 10% of total open interest expired today, totaling nearly $2.6 billion. The sharp downward trend in Bitcoin and Ethereum prices persists, with put options dominating the market. The fear index plunged to as low as 5%, signaling renewed panic across the crypto market. Key options metrics show significantly elevated implied volatility for both BTC and ETH. BTC's major-strike IV exceeds 60% across all maturities, with multiple short-term at-the-money IVs surpassing 110%. ETH's major-strike IV sits at 80%, while several short-term at-the-money IVs exceed 120%—both reaching their highest levels in over a year. This week, put option block trading volume and transaction share remained persistently high. Market makers began aggressively absorbing put demand with strong willingness to trade, while any brief bottom-fishing attempts were swallowed by the massive downward wave(Greeks.live)