On February 5, Greeks.live analyst Adam posted on social media that since February, the market has fallen into a significant correction. BTC once fell to US$91000, ETH once fell to US$2100, setting a new low since 2024. The decline in altcoins was even more severe, with some altcoins falling by 50% in one day. During the period of the most severe decline, ETH short-term options IV exceeded 110%, and major terms also rose to above 70%, and are still at a high level. BTC's short-term options IV rose to 65%, but as it recovered the US$100,000 mark, the main term IV fell back to before the collapse. The current market differentiation is very obvious. BTC is sought after by both inside and outside the crypto circle, and has strong financial support. Altcoin funds, represented by ETH, are losing sharply, and the prices of most cryptocurrencies have shrunk sharply. The market's expected copycat season has not yet arrived. However, it is worth noting that it can be seen from the option data that the Skew of BTC and ETH has both maintained positive values, and the giant whale has also added a large number of call options during the correction, indicating that the market is still optimistic about the overall future.