Traders are expressing cautious optimism in the crypto market, with a belief that Ethereum (ETH) has reached its bottom. The focus is on ETH's strong performance relative to Bitcoin (BTC), as traders take profits on bullish options while managing risk by shorting put options to maintain some delta exposure. A notable strategy involves waiting for a potential pullback to the 4100 level before increasing short-term bullish positions, indicating strategic patience for better entry points. This approach reflects a broader sentiment of cautious bullishness, with traders closely monitoring ETH's performance against BTC for signs of a trend reversal.