BlockBeats News, February 6th, Greeks.live posted on social media, stating, "February 6 Options Expiration Data: 33,000 BTC options expiring, Put Call Ratio at 0.54, Max Pain at $80,000, Nominal Value of $2.1 billion. 219,000 ETH options expiring, Put Call Ratio at 0.91, Max Pain at $2,400, Nominal Value of $420 million.
The crypto market experienced a bloodbath, with BTC briefly dropping below $60,000 today, and ETH briefly dropping below $1,750. Today, 10% of the total open interest in options expired, totaling nearly $26 billion. The sharp decline in Bitcoin and Ethereum prices continues, with a strong downtrend. Put options dominate, with the fear index dropping to 5% at one point, once again shrouding the crypto market in panic.
Looking at the key options data, the implied volatility of BTC and ETH has significantly increased. The main term IV of BTC is all above 60%, with several short-term at-the-money IV above 110%. ETH's main term IV is at 80%, with several short-term at-the-money IV above 120%, all at their highest levels in over a year. The bulk trading volume and trading proportion of put options remain high this week, with market makers taking on a large amount of bearish demand. The willingness to trade is strong, and any brief bottom-fishing power was engulfed by the downturn wave."
