After Bitcoin successfully hit a new all-time high, it turned around and began a rapid decline, dropping below $60,000 at one point.

Derivative data, represented by futures basis, completely collapsed as the FOMO sentiment peaked during the bull market.

In terms of options, amidst the rapid decline, the implied volatility of major term options actually decreased slightly, with ultra-short-term options all declining, which is significantly different from previous market trends.

Throughout this bull market, we have mentioned multiple times that many spot holders have purchased put options as insurance. Now that the insurance has paid off, they can sell to take profit and hedge against the risk of a decline in spot prices.

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