Greeks.live macro researcher Adam wrote on the X platform that yesterday's plunge was significant, and the price of ETH once fell below the $4,000 mark, breaking through a number of technical indicators.
The implied volatility (IV) of the major contracts after the plunge is basically the same as before, but the skewness Skew is significantly skewed towards the put option, and the price of the put option significantly exceeds the price of the call option. This indicates that the options market's expectations of downside risk have risen sharply.
The trading volume of options did not increase significantly yesterday, and the positions of market makers have entered the gamma amplification range. Some market makers chose to buy put options for risk hedging.
Options traders continue to worry about downside risks. If the key support level is broken, it will release a very unfavorable signal. The current focus is on the psychological level of $4,000. If this level is lost, the options market may face a bear market revaluation.
BTC is also in line with this strategy, but the market expects lower volatility and a more sideways movement in price (ETH technical indicators are more critical).
The market remains optimistic about the fourth quarter, having started an upward trend as early as last month. The current options market is mainly focused on short-term risk hedging.
Greeks.live: the current need to focus on the Ethereum $4000 psychological barrier, if the options market or face a bear market pricing revaluation
2025-09-23 03:23:28
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