Matrixport, in an article on the X platform, pointed out that Bitcoin's recent rapid decline caused implied volatility in options to surge before partially receding. Bitcoin's price fell from around $85,000 to a low of around $60,000 before stabilizing around $66,000. Simultaneously, the implied volatility of options expiring in March 2026 surged from just over 40% to a panic high of nearly 65%, reflecting a strong demand for downside protection during the decline. Subsequently, implied volatility fell back to around 50%, indicating that some tail risk hedging is being unwound, and short-term pressure has eased somewhat. The crypto market is approaching a critical inflection point: volatility remains high, sentiment hovers at extremely low levels, and market liquidity continues to flow out. Traders are gradually unwinding crash hedging, overall positions are significantly lighter, and participation has decreased significantly. Historically, this combination of characteristics often appears before the start of significant directional market movements. While the macroeconomic environment has improved, crypto asset prices have not yet followed suit significantly; this divergence is usually unsustainable in the long term.