Internet reports that the volatility of the Ethereum (ETH) market has increased significantly this week, and the implied volatility (IV) has risen rapidly, catching cryptocurrency options traders off guard. Changes in market structure have prompted traders to adjust positions to respond to potential downside risks. Cryptocurrency derivatives trader Gordon Grant emphasized that the implied volatility of one-week options has exceeded 80%, and the market expects daily price fluctuations to be close to 4% in March. Traders are more opting to buy put options as risk hedging tools rather than betting on a rebound in prices, reflecting concerns about further declines. Short-term volatility rises, demand for put options increases, and the market enters a stage of "negative spot-volatility correlation"(i.e., volatility increases when prices fall). Due to the surge in volatility, options traders, especially market makers, quickly adjusted their positions and resorted to more defensive tactics such as put spreads rather than directly buying put options.