Greeks.live: Bitcoin and Ethereum Sharp Downtrend Continues, Put Options Hold Absolute Dominance

On Feb 6, analytics platform Greeks.live shared key crypto options expiration data in a social media post: - 33,000 BTC options expiring; put-call ratio (PCR) 0.54; max pain $80,000; nominal value $2.1B - 219,000 ETH options expiring; PCR 0.91; max pain $2,400; nominal value $420M Crypto markets plunged sharply that day: BTC briefly fell below $60k, while ETH dropped under $1,750. Roughly 10% of total options open interest expired, totaling nearly $26B. BTC and ETH prices extended losses with a strong downtrend, as put options dominated trading. The crypto fear gauge hit 5% at one point, sparking fresh market panic. Implied volatility (IV) for both assets surged to over 1-year highs: - BTC’s main-term IV topped 60%, with short-term at-the-money (ATM) contracts exceeding 110% - ETH’s main-term IV stood at 80%, with short-term ATM contracts above 120% This week, put options held a large share of trading volume. Market makers absorbed a wave of bearish demand, and trading activity remained robust — but any brief dip-buying attempts were overwhelmed by the selloff.