The market fell sharply in February: BTC fell to $91,000, and ETH hit a new low since 2024

The market has experienced a significant correction since February, with BTC once dropping to $91,000 and ETH seeing an even larger decline, falling to $2,100, a new low since 2024. Altcoins have seen even more severe drops, with many losing 50% in a single day. During the most intense period of the decline, the short-term option IV for ETH surpassed 110%, and the main maturities all rose above 70%, remaining at high levels. BTC's decline was more gradual, with its short-term option IV rising to 65%, but as it reclaimed the $100,000 level, the main maturity IV fell back to pre-crash levels. The option data shows that the Skew for both BTC and ETH has remained positive, and whales have been heavily accumulating call options during the correction, indicating an overall optimistic market sentiment about the future.