The volatility of the crypto assets market is diverging, with BTC and ETH showing significantly different performances.

According to the Gate.io News bot, as reported by Greeks live, market risk aversion is rising against the backdrop of frequent changes in Trump's tariff policy. The trade war and tariff war continue, and market fluctuations are still ongoing.

Data shows that the implied volatility (IV) of BTC has dropped to around 50% across various maturities, while the IV of ETH remains at a higher level, with medium to short-term volatility maintaining around 80%.

The current cryptocurrency market has insufficient new capital inflow and lacks new market narratives, resulting in low investor sentiment. With the market transitioning from bull to bear, the likelihood of black swan events occurring is increasing.