This Wednesday brings the U.S. February CPI data, Thursday features unemployment figures, and Friday releases the January PCE price index—three crucial macroeconomic indicators. However, in terms of actual market impact, the real macro event driving markets is the disruption to global oil shipments caused by the U.S.-Israel military operation in the Strait of Hormuz. Since last week, implied volatility across major maturities has risen significantly. Currently, BTC's short-term IV has surpassed 65%, while ETH's short-term IV has climbed above 80%—both reaching recent peaks. Market expectations for volatility this month continue to rise. Skew has been declining noticeably in recent days, indicating sustained growth in demand for downside protection.