February 27 Options Expiration Data 116,000 BTC options expired, with a Put-Call Ratio of 0.76, maximum pain point at $75,000, and notional value of $7.9 billion. 206,000 ETH options expired, with a Put-Call Ratio of 0.77, maximum pain point at $2,200, and notional value of $980 million. The crypto market remains sluggish. In early February, Bitcoin briefly dipped below the $60,000 psychological threshold, oscillating weakly above that level throughout the month. Tomorrow sees the expiration of options accounting for 20% of total open interest, totaling nearly $9 billion, with Bitcoin's position share reaching a multi-year peak. Benefiting from the recent two-day rebound, implied volatility for both Bitcoin and Ethereum has risen this week. BTC's main-term IV stands at 47%, while ETH's main-term IV is at 65%. The downward price trend has eased, but market confidence remains insufficient. In terms of trading activity, large-block call options dominate the market. Following yesterday's rebound, substantial volume in medium-to-long-term call options was executed. Key option metrics show Skew metrics rebounding across the board, indicating emerging bottom-fishing activity. The market remains firmly in bear territory. Currently, the crypto space lacks both fresh capital inflows and clear catalysts, with pessimistic narratives dominating social media. The market bottom likely remains elusive.(Greeks.live)