Everyone knows I am a believer in ETH, but recently with the surge, we must analyze rationally and not blindly go all in. The ETF has been experiencing net outflows, yet the price is rising against the trend, even stronger than Bitcoin (BTC). Is there mysterious capital buying in the off-market? Let's observe the ETF's movements next week before making a final judgment.

First, let's look at the weekend data: gamma ex shows that the positive gamma at the Ethereum 2800 position is rapidly increasing, creating some resistance. At the same time, the call open interest shows a significant increase at the 3200 position, indicating that the bulls have considerable ambition.

From the historical distribution of implied volatility (iv), the recent term iv has risen to historical highs, while the long-term remains around the historical median. Combining this with the vpr data, from a strategic perspective, pure sellers no longer have space, and calendar strategies or double buy strategies are quite suitable for current operations. Sell at 2800, buy at 3200? Perhaps consider a calendar or diagonal spread.

Recently, the community has been discussing the value of the barbell strategy, preemptively setting up some long-term barbells, which is quite good. As prices continue to rise, slowly increasing the put side of the barbell in the long term. It won't keep rising; during a pullback is the harvest period for accumulating puts, isn't it? Wishing everyone prosperity~ $ETH