BTC’s price has begun to break below the Gex concentration zone, and the resistance from open interest will continue to weaken. Meanwhile, since Gex is concentrated around $2,000, ETH has also broken below the Gex resistance level. Although BTC has fallen to a very dangerous level, implied volatility (IV) has not risen significantly. Not only is IV across all maturities below 40%, but far-end IV continues to decline as well. Moreover, the three-day decline has failed to effectively boost near-end IV. Under these circumstances, with the May contract at around 20%, tomorrow’s monthly settlement appears likely to significantly alter the current options position structure. The market as a whole is still betting on support, and large investors’ concerns about the risk of a breakout have not increased significantly.(Greeks.live)