On February 5th, Greeks.live analyst Adam posted on social media that since February, the market has fallen into a significant correction, BTC once fell to $91,000, ETH once fell to $2100, setting a new low since 2024, and counterfeit products coins fell more violently, some counterfeit products coins fell by 50% in one day. During the most violent period of decline, ETH short-term options IV broke through 110%, and the main term also rose to more than 70%, which is still at a high level. BTC because of the decline is more moderate, short-term options IV rose to 65%, but with the recovery of the 100,000 dollar mark, the main term IV fell back to before the crash. The current market differentiation is very obvious, BTC is the common pursuit of the crypto circle inside and outside, strong financial support. And the Altcoin funds represented by ETH are violently draining, the vast majority of cryptocurrency prices have shrunk sharply, and the market's expected counterfeit products season has not arrived. But it is worth noting that from the options data, it can be seen that BTC and ETH Skew have maintained a positive value, and the giant whale has also increased its call options in a large number of callbacks, indicating that the market is still optimistic about the future as a whole.