In the past two weeks, the short-term downside volatility (IV) has risen along with the price. The interesting part behind this is that traders are actually buying protection during strong price movements, rather than following the trend to go long. What does this indicate? Market sentiment remains quite cautious, and everyone has a bit of a question mark about whether this rally can continue. This phenomenon usually reflects a special market mindset: bullishness is fine, but you need to leave yourself an exit route.