Core Insights - On February 6, approximately 33,000 BTC options expired, with a Put/Call ratio of 0.54 and a maximum pain point at $80,000, representing a notional value of about $2.1 billion [1] Group 1 - The market experienced a significant downturn, with BTC dropping below $60,000 and ETH falling below $1,750 [1] - Implied volatility surged notably, with BTC's main expiration implied volatility exceeding 60%, and some short-term at-the-money implied volatility surpassing 110% [1]