A total of 116,000 Bitcoin (BTC) options and 206,000 Ethereum (ETH) options are set to expire on February 27, with a combined nominal value of nearly $9 billion. The BTC options have a Put Call Ratio of 0.76 and a max pain point of $75,000, while ETH options have a Put Call Ratio of 0.77 and a max pain point of $2,200. Despite recent rebounds, the crypto market remains sluggish, with Bitcoin struggling to maintain levels above $60,000 throughout February. The upcoming options expiry represents 20% of total open interest, with Bitcoin's share reaching a multi-year peak. Implied volatility for BTC and ETH has increased to 47% and 65% respectively, indicating a slight easing in the downward price trend, though market confidence remains low. Large-scale call options dominate trading, with significant mid-to-long-term bullish activity following recent price rebounds. Skew metrics have also rebounded, suggesting emerging bottom-fishing efforts. However, the market continues to face bearish conditions, lacking new capital inflows or significant catalysts, as pessimism prevails on social media.