Since February, the market has been in a significant pullback, with BTC falling to 91,000 at one point, ETH falling even more, at one point to 2,100, a new low since 2024, and Altcoins falling even more violently, with many Altcoins dropping 50% in a single day. The sharpest part of the decline saw ETH's short-term options IV break 110%, and all major terms rose above 70%, which is still holding high. BTC's short-term option IV rose to 65% as the decline that was more moderate, but as it recovered the 100,000 mark, major term IVs fell back to pre-crash levels. The market is now very divided, with BTC being strongly supported by funding from both inside and outside the crypto. Whereas Altcoin, represented by ETH, are losing money violently, the vast majority of cryptocurrency prices have shrunk significantly and the Altcoin season that market was expecting has not arrived. But we can see from the options data, BTC and ETH Skew have maintained a positive value, the giant whale also bought a large number of call options in the pullback, indicating that the market is still optimistic about the future as a whole, a brief pullback hit the market confidence, but the future of cryptocurrencies is bright.