There are three important macroeconomic data: February CPI data for the United States on Wednesday, unemployment data on Thursday, and January PCE price index on Friday. However, in terms of actual impact, the impact of the US Israel military action against Iran on global oil transportation in the Strait of Hormuz is the macro event that truly affects the market. Since last week, the implied volatility of major maturities has shown a significant increase. Currently, BTC's short-term IV has reached over 65%, and ETH's short-term IV has risen to over 80%, both reaching their highest levels in recent times. The market's expectations for volatility this month continue to increase, with Skew showing a significant decline in recent days, indicating that the market's demand for downside protection is continuously increasing.