Golden Finance reported that the Ethereum (ETH) market volatility rose significantly this week, and the implicit volatility (IV) rose rapidly, causing cryptocurrency option traders to be off guard. Changes in market structure prompt traders to adjust their positions to cope with potential downside risks. Cryptocurrency derivatives trader Gordon Grant stressed that the implied volatility of one-week options has exceeded 80%, and the market expects daily price fluctuations to approach 4% in March. Traders choose to buy put options as risk hedging tools rather than betting on a rebound in price, reflecting market concerns about further declines. Short-term volatility increases, put options demand increases, and the market enters the "negative spot-volatility correlation" stage (i.e. volatility increases when prices fall). Due to the surge in volatility, option traders (especially market makers) quickly adjust their positions and adopt more defensive measures such as put spreads than directly buying put options.