TechFlow news: Greeks.live researcher Adam tweeted that although Bitcoin dropped below the $60,000 level and Ethereum fell below $3,000 yesterday, triggering widespread market panic, implied volatility (IV) across major option tenors has clearly declined.
This is mainly due to a sharp drop in call option prices. Currently, monthly skew has hit a new low since this bull market began, meaning put options are significantly more expensive than calls, while medium- and long-term options have fallen close to the zero axis.
Judging from options indicators, Ethereum longs appear fragile and lack the capacity to lead market moves. Bitcoin longs still retain some strength. With the halving event taking place this Saturday, Bitcoin will likely remain the key driver for this month's bullish momentum.
