Whales' Market Wrap: Mar 21, 2025 BTC 30D ATM IV: 46.03% | ETH 30D ATM IV: 61.35% | SOL 30D ATM IV: 81.02% SPX 30D ATM IV: 17.88% | QQQ 30D ATM IV: 22.26% | GLD 30D ATM IV: 14.57% BTC annualised 1yr implied yield: 6.22% ETH annualised 1yr implied yield: 5.83% As risk aversion recedes, the crypto market begins to enter a relatively stable period, and quarterly settlement's impact on prices becomes increasingly significant. The latest policy interpretation of the SEC (PoW is not considered a security) and the latest statement of the US Digital Asset Working Group (will buy Bitcoin in the "best way") show that both institutional investors and the government still prefer BTC. At the same time, the characterisation of other cryptocurrencies remains to be clarified. This reveals a clear signal to the market: BTC and stablecoins are still the focus of the US government, and their credit ratings are higher than other crypto assets. The above interpretations and statements have further had a significant impact on the crypto market. While BTC volatility pricing has further declined, ETH's volatility pricing has continued to decline slowly. Due to the lack of recognition and support from the government and regulatory levels, non-BTC and non-stablecoin underlying assets face significant uncertainty. Their secondary status also means a disadvantage in liquidity acquisition: investors will only consider investing in other underlying assets when BTC's rise is weak enough and will prioritise selling non-BTC underlying assets when liquidity tightens.