In the current market, ETH has picked up the bull market baton, breaking through $3,650, while Bitcoin is consolidating near its all-time high around $120,000. Market sentiment has turned sharply bullish. ETH's strength is driving a broad altcoin recovery, and the price action is basically a one-way street with no pullbacks. If you’re on the wrong side of the trade without a stop loss, liquidation is almost inevitable. This week, nearly $6 billion in options are set to expire, accounting for over 10% of current open interest. Looking at the main options data, BTC's implied volatility (IV) has seen a slight rebound, with IV across major expiries holding steady at 40%. ETH's IV, on the other hand, has surged, with major tenors hitting 70%, but the upside and downside for ETH are both significant, so it’s not yet the right time for sellers to step in. There’s been a surge in large bullish block trades over the past two weeks, with more than 30% of daily volume in BTC options coming from these big bullish bets on most days. FOMO is starting to creep into the options market, and even the big institutions are starting to lose their cool.