[Analysis: Institutions Are Overly Optimistic About the Crypto Market, History Suggests the Bottom Has Yet to Arrive] Greeks.live macro researcher Adam posted on the X platform, stating that the crypto market has stabilized somewhat, with a significant decline in major term IV. However, the actual volatility (RV) over the past week remains relatively high, leading to a record-breaking average drop of 45% in weekly VRP. Specifically, the data shows a decline from last week's +20% level to the current -25% level, which is quite rare. This indicates that the market is rapidly lowering its expectations for volatility, but the pace seems overly fast, especially considering Bitcoin's strong clustering of volatility. Institutions are overly optimistic about the market, and this lack of caution could leave them highly passive if faced with a second wave of decline. The irrationality in the options market has clearly increased, and institutions have been caught off guard by recent market movements. Historically, such situations often indicate that the bottom has yet to arrive.