On September 25th, Greeks.live researcher Adam posted on social media that this Friday is about to usher in the quarterly delivery, the main period IV has shown a significant decline, the current BTC this quarter option holdings accounted for 33% of the total holdings, ETH this quarter option holdings accounted for 38% of the total holdings, is relatively small quarterly delivery. There has been a large number of large put options traded recently, and there is a high probability that they are shifting positions. The next quarter covers the US election, and there is a lot of uncertainty at present, but the overall implied volatility level is low, and it has only been below current levels for less than 30% of the time in the past year. The whale is planning for the next quarter, especially before and after the election. Trading is very active.