Hot News: President Trump has signed a bill to repeal the rules for cryptocurrency brokers. This is the first cryptocurrency bill signed into law by the president.

Sentiment is relatively panicked this week, and Trump's frequent changes in tariff policy have significantly boosted risk-averse market sentiment. Uncertainty in the market will continue for a long time, volatility will also continue for a long time. The volume of deliveries is more than 10% of the total number of positions, with the largest position accounted for quarterly options for June, while the volume of positions on April options is mainly at the June level. The market structure is mostly in line with what it was last week, mainly due to low sentiment. The implied volatility (IV) BTC has declined significantly, currently maintaining around 50% for all maturities, while IV ETH remains high, with medium and short-term volatility around 80%. Therefore, selling ETH options in the short term will be a good choice. The crypto asset market is currently lacking in new inputs and new narratives, and investor sentiment is relatively low. In these poor market conditions of the bull-to-bear transition, the likelihood of a black swan event will increase significantly.