Despite the imminent Shanghai upgrade, Ethereum options’ implied volatility IV has fallen sharply

📉, the price dropped by as much as 8% in two days. The main reason for the decline in IV is the decrease in market liquidity caused by the Easter holiday. However, under the current level of volatility, it is abnormal for the monthly IV to fall to the same level as Bitcoin. A large number of users are adding short positions to short future volatility levels.