The price of BTC has started to break below the Gex concentration zone, meaning the resistance from open interest ahead will get weaker and weaker. As for ETH, since Gex is concentrated around $2000, it has also broken below the Gex resistance level. Although BTC has dropped to a very dangerous position, IV hasn’t significantly increased. Not only is it below 40% across all expirations, but the far-end IV is also continuing to decline. Even after three consecutive days of decline, the near-end IV hasn’t been effectively pushed up. In this situation, the May expiration is sitting at around 20%. Tomorrow’s monthly settlement looks like it will significantly reshape the current options open interest structure. The overall market is still betting on support, and large players’ concerns about breakdown risks haven’t increased much.