Bitcoin fell below the $40,000 integer mark, short-term IV rebounded, and medium-term IV remained low. The overall volatility risk premium (VRP) has increased and the skew curve is tilted towards puts.

The above data reflects that there is a certain amount of short-term panic in the market, and the bearish power of the market has increased. However, overall, the long and short sides are relatively balanced, and it is still a state of intense competition.