According to Greeks.live analysis, 38,000 BTC options and 215,000 ETH options expired on February 13th. The BTC options put-call ratio was 0.71, with a maximum price threshold of $74,000 and a notional value of $2.5 billion; the ETH options put-call ratio was 0.82, with a maximum price threshold of $2,100 and a notional value of $410 million. The crypto market continues its downward spiral, with the maximum price threshold decreasing rapidly. Today, options representing 9% of total open interest, totaling nearly $2.9 billion, expired. This week, the implied volatility of Bitcoin and Ethereum has decreased, with BTC's main term IV at 50% and ETH's main term IV at 70%, indicating some easing of the price decline, but market confidence remains weak. In terms of trading volume, put options dominated, and after yesterday's further decline, some bargain hunting began to emerge. Looking at major options data, Skew also saw a rebound, and commodities began to show a significant increase in call options. The market is still in a bear market, but the most severe decline in this round has come to an end. Currently, the crypto market lacks new funds, and it is too early to talk about a bull market or a major rebound.