According to Odaily Planet Daily, Greeks.live macroeconomic researcher Adam posted on the X platform that ETH briefly fell below $4,000 during yesterday's sharp drop, breaching multiple technical support levels. Implied volatility for major contracts remained flat following the plunge, but skewed significantly in favor of put options, with put prices significantly higher than call options, indicating a sharp increase in market concerns about downside risk. Options trading volume has not seen a significant increase, and market maker positions have entered a gamma-amplifying range. Some market makers have already bought put options to hedge their risk. Adam noted that if the $4,000 mark falls, the options market could face a bear market revaluation. While BTC is relatively stable, ETH's technical indicators are more critical.