On February 5th, Greeks.live analyst Adam posted on social media that since February, the market has fallen into a significant pullback, with BTC falling to $91,000 and ETH falling to $2,100, hitting a new low since 2024. , while the altcoins fell even more violently, with some altcoins falling by 50% in one day. During the period when the decline was the most violent, ETH short-term options IV exceeded 110%, and the main period also rose to more than 70%, and is still at a high level. BTC's decline has been relatively eased, with short-term options IV rising to 65%, but as the $100,000 mark recovered, the main term IV fell back to before the plunge. The current market differentiation is very obvious, BTC is sought after by both inside and outside the crypto circle, and its capital support is strong. Altcoin funds represented by ETH are losing money sharply, and the prices of most cryptocurrencies have shrunk significantly, and the market's expected copycat season has not arrived. But it is worth noting that from the option data, we can see that Skew of BTC and ETH have maintained a positive value, and Giant Whale also increased its positions in call options in a large number of pullbacks, indicating that the market is still optimistic about the overall future.