Wu said that Laevitas tweeted that ETH implied volatility has been steadily decreasing across the entire term structure, with the 1-week tenor dropping back to levels not seen since mid-January, and other tenors from 1 month to 365 days at their lowest levels since late January. Previously, due to the re-closure of the Strait of Hormuz and escalating tensions in the Middle East, ETH implied volatility had spiked; subsequently, volatility has been compressing along the curve, with the 1-week tenor decreasing about 24 volatility points from April's peak, and the 1-month tenor decreasing about 11 volatility points.