Greeks.live: If ETH falls below $4,000, the options market may face a bearish repricing.

Jinse Finance reported that Adam, a macro researcher at Greeks.live, posted on X that yesterday's sharp plunge was significant, with ETH prices once falling below the $4,000 mark and breaking through multiple technical support levels. After the crash, the implied volatility (IV) of major contracts remained basically unchanged compared to before, but the skew shifted significantly towards put options, with put option prices far exceeding call option prices. This indicates that the options market's expectations for downside risk have risen sharply. There was no significant increase in options trading volume yesterday, and market makers' positions have entered the gamma amplification range, with some market makers choosing to buy put options for risk hedging. Options traders continue to worry about downside risks; if key support levels are breached, it will send a very negative signal, and the $4,000 psychological level should be closely watched at present. If this level is lost, the options market may face a bearish repricing. BTC also fits this strategy, but the market expects its volatility to be lower, and its price trend is more likely to move sideways (ETH technical indicators are more critical). The market remains optimistic about the fourth quarter, and the upward trend was already being positioned for as early as last month. Currently, the options market is mainly focused on short-term risk hedging.