TechFlow news, on February 5, Greeks.live analyst Adam posted on social media stating, "Since February, the market has entered an obvious correction phase. BTC once dropped to $91,000, while ETH fell more sharply, briefly reaching $2,100—the lowest level since 2024. Altcoins experienced even steeper declines, with many dropping 50% in a single day.
During the most intense period of decline, ETH short-term options IV surged past 110%, with major maturities all rising above 70%, and remain elevated. BTC, experiencing a relatively milder downturn, saw its short-term options IV rise to 65%. However, as price reclaimed the $100,000 level, IV across major tenors retreated back to pre-crash levels.
The current market divergence is very clear: BTC continues to gain strong support from both crypto-native and external capital, showing robust funding inflows. In contrast, funds are rapidly exiting ETH and other altcoins, with the vast majority of cryptocurrencies suffering significant price contractions. The much-anticipated 'altseason' has yet to materialize.
Option data shows that both BTC and ETH skews remain positive, and large whales have been aggressively accumulating call options during the pullback, indicating that overall market sentiment remains optimistic. While the recent short-term correction has shaken confidence, the future of cryptocurrency remains bright."
