PANews reported on April 23 that BTC VOL has dropped to approximately 42%, and ETH VOL has fallen back to 65%, with crypto IVs below the 50th percentile for nearly a year; cross-asset IVs are accelerating their return to normal. ETH Skew has converged to around -2, and with the indefinite extension of the ceasefire and BTC breaking through $75K, the conditions for a positive Skew have been met; if ETH stabilizes above $2,400, it will confirm the most important trend reversal signal in two months. Gold options' support level continues to rise to $4,900–$5,000, shifting from a mildly bullish stance to a trend-following approach. The largest block trade in the past 24 hours was the purchase of call options with a strike price of $85K expiring on June 26, with 2,000 BTC traded, clearly indicating a bullish directional signal. ETH, on the other hand, had a short position combination with the same strike price expiring on April 24 (selling $2,000 Call + buying $2,000 Put, netting $1.02 million), locking in downside protection while releasing upside exposure—a coexistence of long and short strategies, but the overall balance has tilted towards the bulls.

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