As expected, BTC has experienced a pullback, while the price of ETH has strong support. The IV of ETH for the current cycle is still above 100%, while the IV of BTC for the current week is only 50%.

The primary reason for this rare phenomenon is undoubtedly the uncertainty of ETH ETF approval. In the past two days, there have been numerous large-scale short-term price spreads and calendar spreads. The market has diverged greatly. From the perspective of market holdings and current IV structure, the current level of divergence has exceeded that of the ETH transition to PoS period.