Analysis: The current crypto market lacks incremental capital, and it is too early to talk about a bull market or a major rebound.

PANews, February 13 – According to analysis by Greeks.live, a total of 38,000 BTC options and 215,000 ETH options are set to expire on February 13. The BTC options Put Call Ratio is 0.71, with the max pain point at $74,000 and a notional value of $2.5 billion; the ETH options Put Call Ratio is 0.82, with the max pain point at $2,100 and a notional value of $410 million.

The crypto market continues to experience sustained outflows and declines, with the max pain point dropping rapidly. Today, options expiring account for 9% of total open interest, totaling nearly $2.9 billion. This week, the implied volatility for both Bitcoin and Ethereum has decreased, with BTC's main term IV at 50% and ETH's main term IV at 70%. The downward price trend has eased somewhat, but market confidence remains insufficient. In terms of trading, put options remain dominant; after another decline yesterday, some bottom-fishing activity has started to appear. Looking at the main options data, Skew has also rebounded, and there has been a noticeable increase in large bullish options. The market is still in a bear phase, but the most intense part of this downturn appears to be over. Currently, the crypto market lacks new capital inflows, so it is too early to talk about a bull market or a major rebound.