Take a look at today's ETH; there's a rise in volatility over the weekend, which seems to signal something. The near-term implied volatility (IV) for 1 week and 1 month has clearly increased, and those who have been selling near-term options may have already seen returns retract. The Volatility Risk Premium (VRP) has now returned to positive territory, indicating that IV is higher than historical realized volatility (RV), suggesting that the market's expectation of future volatility has significantly increased. Of course, weekend signals are not necessarily accurate and should be confirmed again after the US stock market opens on Monday. For those who have placed calendar spreads (selling near-term and buying long-term), they may actually see an increase in returns. In a discussion in the Gezhi group yesterday, the consensus was that as long as the recent positions continue to roll and selling is maintained, any rise in volatility could offset near-term losses and achieve overall portfolio profits. This is because the long-term vega increases more (there's a square root of time relationship), which can offset near-term losses. Conversely, if the near-term is already experiencing a rise in volatility while the long-term has not yet seen a significant rise, it may still be a good time to continue buying calendar spreads if one believes that future volatility will continue to rise. From the volatility cone perspective, ETH's RV is currently near historical averages, and there’s a high likelihood of a significant increase in response to a black swan event or other stimuli. According to gamma exposure data, there is strong positive gamma resistance at the 2.6K level, making it very difficult to break through in the short term. So, if there is an increase in volatility, the only path forward may be a decline. However, the negative gamma region generally has low energy, making it unrealistic to expect a sharp drop. Therefore, continuing to implement calendar spreads or double selling strategies is a more rational choice. Of course, it's essential to buy good double out-of-the-money put insurance to guard against unforeseen circumstances. Wishing everyone prosperity~