Viewpoint: Expectations of downside risks in the options market have risen sharply, with short-term risk hedging becoming the current market focus.

According to analysis by Adam, a macroeconomic researcher at Greeks.live, ETH prices briefly fell below $4,000 yesterday. Following the plunge, the implied volatility (IV) of major contracts remained largely flat, but the skew shifted significantly toward put options, with put prices significantly exceeding call prices. Options trading volume did not see significant growth, with some market makers purchasing put options for risk hedging.