Greeks.live: Whale Massively Buys Call Options on the Dip, Market Remains Optimistic Overall

BlockBeats News, February 5th, Greek.live analyst Adam posted on social media, stating that since February, the market has experienced a significant pullback, with BTC dropping to $91,000 at one point, ETH dropping to $2,100, hitting a new low since 2024, and altcoins seeing even more drastic declines, with some altcoins experiencing a 50% drop in a single day.

During the most severe period of decline, ETH's short-term options IV exceeded 110%, with main terms also rising to over 70%, and currently still maintaining at high levels. As BTC's decline was relatively moderate, short-term options IV rose to 65%, but as it regained the $100,000 mark, main terms IV fell back to levels before the crash.

The current market differentiation is very clear, with BTC being sought after by both the crypto community and outsiders, with strong support. On the other hand, funds behind Altcoins represented by ETH are rapidly draining away, with the prices of the vast majority of cryptocurrencies plummeting significantly, and the market's anticipated Altseason has not yet arrived. However, it is worth noting that from the options data, it can be seen that both BTC and ETH's Skew have remained positive, with whales heavily increasing their bullish options positions during the pullback, indicating that the market remains optimistic about the overall future.