Deribit released an analysis on the X platform, saying that Federal Reserve Chairperson Jerome Powell's post-CPI speech strengthened the policy stance, causing bearish sentiment to once again depress cryptocurrency prices. But there was optimism on the Ethereum ETF timeline, with influencers providing favorable news about the approval of the S1 ETH ETF, moving the timeline forward and bringing greater certainty. In response, traders quickly bought the $3500-3700 call option that expired on June 21. Deribit said that the current is a great opportunity for long calls, with spot prices at low levels, short positions, bullish tilt suppressed, and implied volatility lower than actual volatility.