Great negative gamma positions are expiring today, and the future long and short directions will be reshuffled.

From the data, ETH's overall implied volatility is rising, reflecting traders' bullish sentiment about the future.

Once volatility rises again, if 5000 is used as a watershed, selling 5000 and buying 6000 for protection can allow for a short volatility position in the forward market in June.

Recently, 4000 remains a significant threshold.

Those optimistic about a short-term upward shock can sell puts. If it drops below, it will be exercised.

It requires a bit of faith.