Despite the upcoming Bitcoin halving, the volatility of BTC has significantly increased this week, with RV rising sharply. However, the decreasing trend of IV in major terms is very obvious, with BTC Dvol falling to 69% and ETH Dvol falling to 71%. The margin released from quarterly delivery is gradually transforming into short positions. There are over 10,000 BTC holdings for every integer level above $70,000, and the operations of whales this week are mainly focused on selling bullish positions, with a significant amount of bearish transactions during the decline. Overall, the market sentiment is relatively low due to various factors such as high macro interest rates, limited ETF fund inflows, the pullback of risk assets such as US stocks, and increased activity from US regulatory agencies. Taking advantage of the relatively low IV, buying short-term options offers a high cost-effectiveness.

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