Yesterday's Crash was substantial, with ETH prices briefly falling to 4,000, breaching multiple technical indicators. Following the crash, implied volatility (IV) for major terms showed little change, but skew significantly shifted toward puts, with put premiums substantially exceeding call premiums. This indicates a sharp increase in the options market's expectation of downside risk. Yesterday's options volume did not see a significant increase. Market maker positions have begun entering gamma amplification territory, with some market makers opting to purchase puts for protection. Options traders remain concerned about downside risks. A break below key support levels is a highly unfavorable signal. The psychological 4,000 level now warrants close attention. Should it be breached, the options market could face a bear market repricing. BTC also fits this strategy, but the market anticipates lower volatility for BTC, and its price movements appear more inclined toward consolidation (ETH's technical indicators are more critical). The market remains optimistic about the fourth quarter, having begun positioning for its upward trend as early as last month. The current options market is primarily focused on short-term risk hedging.(Greeks.live)