QCP Capital indicates that the implied volatility of ETH has sharply shifted towards put options rather than call options, reflecting that as the market catches its breath, BTC sentiment is similar, and concerns about downside risks may intensify, especially with tonight's FOMC meeting minutes and Wednesday's PCE data set to be released. However, in the long run, this is not an excessive pullback. Bitcoin has merely retraced to the levels of early last week. Since the election, the market has become extremely overbought, and leverage has been too high, so a pause was inevitable.