Ethereum has surged past the $4,400 mark, with implied volatility and skew showing significant increases compared to last week. This reflects heightened market expectations for further gains. In the options market, $330 million worth of bullish options were traded today, accounting for 24% of total transactions, predominantly in medium to long-term call options. This indicates strong confidence among large investors in Ethereum's continued rise. Meanwhile, Bitcoin options trading is focused on protective put options, signaling a market divergence as trading interest shifts towards Ethereum. The current trend suggests a strategic approach of buying short-term Ethereum calls and Bitcoin puts, leveraging cross-asset strategies.