Under the current market conditions, ETH takes over the bull market, breaking through $3650, while Bitcoin remains oscillating near its historical high of $120,000. Market sentiment has significantly turned optimistic. ETH is driving the entire altcoin market to recover, with a monotonous rise and no corrections. If the direction reverses, without stop-losses, it can lead to liquidation. This week, nearly $6 billion in options will be settled, accounting for over 10% of the current total open interest. From the main options data, in terms of implied volatility, BTC's IV has slightly rebounded, with the main term IV consistently at 40%. ETH's IV has significantly increased, with the main term reaching 70%. However, ETH has considerable room for both upward and downward movement, and sellers have not yet found the right time to enter. In the past two weeks, there have been a lot of large bullish trades, with more than 30% of the daily volume being large bullish trades in Bitcoin. The options market is beginning to show some FOMO sentiment, and institutional investors are starting to become restless.

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