Odaily Planet Daily News Greeks.live Macro Researcher Adam posted on the X platform that BTC has pulled back as expected. In contrast, ETH's price has very strong support. ETH's current week IV is still over 100%, while BTC's current week IV is only 50%. The primary reason for this rare phenomenon is of course the uncertainty of ETH ETF approval. In the past two days, there have been many such super-large short-term spreads and calendar combinations, and the market has diverged greatly. Judging from the market position structure and the current IV structure, the current divergence level has exceeded the period when ETH switched to Pos.