Greeks.live reports that on February 6, 33,000 Bitcoin options worth $2.6 billion and 219,000 Ethereum options with a notional value of $2.6 billion expired. The expiration spiked implied volatility to yearly highs, with BTC falling below $60,000 and ETH dropping below $1,750. The Fear & Greed Index plunged to 5%, reflecting heightened market anxiety.