Data from Deribit shows that the implied volatility for Ether options jumped from 56% to 70% in the past week, indicating investor concerns about increased price volatility. This trend aligns with the rise in the put/call option ratio (reaching 1.45), suggesting that the market is wary of the possibility of a price decline. Therefore, analysis suggests that while the launch of an Ethereum ETF may not immediately balance this dynamic, it could lead to a sell-off during its initial period.