Whales' Market Wrap: Mar 24, 2025 BTC 30D ATM IV: 45.65% | ETH 30D ATM IV: 60.50% | SOL 30D ATM IV: 80.20% SPX 30D ATM IV: 16.27% | QQQ 30D ATM IV: 20.77% | GLD 30D ATM IV: 14.42% BTC annualised 1yr implied yield: 6.09% ETH annualised 1yr implied yield: 5.78% This week, except for the "crypto witching day", the events that can have a significant macro impact on the crypto and traditional markets have basically ended. Even the February PCE data on Friday has been largely priced in by investors, so unless the data deviates too much, the expected impact on the market is relatively limited. As a result, the pricing level of volatility has dropped significantly, and the uncertainty brought by settlement has not increased intraweek volatility expectations; it's time to relax. Affected by the hedging effect, BTC and ETH have received significant support on the downside. At the same time, as risk aversion has declined, investors' bullish sentiment has further rebounded. However, the sentiment in April is still conservative, and more bullish sentiment is concentrated after May. If bullish sentiment continues to ferment, BTC may be settled around $90k. In the Delta 1 market, the implied forward yields and risk premiums of BTC and ETH remain stable and have rebounded in some periods, which signals a further decline in risk aversion. However, it must be admitted that even if risk aversion declines, investors still have different expectations for BTC, ETH, and altcoins. From the perspective of the exchange rate term structure, the current ETH/BTC exchange rate term structure is flattening, but the backwardation trend has not changed significantly. The above means that the possibility of ETH/BTC remaining at the current exchange rate level for some time increases, but the probability of further increase is not high. At the same time, investors' bullish sentiment on SOL and XRP has also recovered significantly, but for BNB, it is still mainly bearish. Except for a few altcoins, investors remain cautious about most altcoins.