[February 13 Options Expiry Data] 38,000 BTC options are expiring, with a Put Call Ratio of 0.71, max pain at $74,000, and a nominal value of $2.5 billion. 215,000 ETH options are expiring, with a Put Call Ratio of 0.82, max pain at $2,100, and a nominal value of $410 million. The crypto market continues to bleed and decline, with max pain levels dropping rapidly. Today, options expiring account for 9% of total open interest, totaling nearly $2.9 billion. This week, the implied volatility (IV) of Bitcoin and Ethereum has decreased, with BTC's main-term IV at 50% and ETH's main-term IV at 70%. While the downward price trend has eased slightly, market confidence remains weak. In terms of trading, put options dominate the market. After another drop yesterday, some bottom-fishing activity has started to emerge. Looking at the main options data, Skew has also rebounded, and there’s been an increase in large bullish options trades. The market is still in a bear phase, but the most intense part of this downturn seems to be over. Currently, the crypto market lacks new capital inflows, so it’s too early to talk about a bull market or a major rebound.