According to Wu, QCP Capital pointed out that the negative ETH risk reversal may reflect an increase in demand for put options to prevent speculative long positions from being washed out, and altcoin speculators may also buy ETH put options to hedge the downside risk of altcoins. Given the degree of leverage in the market, this makes us cautious about possible adjustments; however, we believe that the market will actively buy on any declines. Some large-scale call option selling overnight and this morning, more than 10k ETH 5400-5600 April expiration.