Greeks.live analyst Adam posted on social media that the ETH spot ETF will start trading at 9:30 tonight, and the current ETH Doomsday IV has exceeded 80%, which is significantly higher than the recent average (60%). From the perspective of transaction distribution, active buying and calling accounted for nearly half of the trading volume of the day, and Skew was slightly biased towards bullish. Today, the options market is mainly dominated by bullish forces, with strong bullish forces. But at the same time, we also saw that when the BTC ETF was listed, it fell due to a large amount of selling, so today's bulls are weaker than during the BTC ETF listing. Another interesting thing is that today's block trading is mostly concentrated in BTC, with more than 5,000 forward-depth out-of-the-money call options traded, while ETH is concentrated on the market. Market makers are actively adjusting their positions while the market is active.