Greeks.live macro analyst Adam wrote that this week's crypto market trading is relatively flat, the total amount of options delivered has dropped by nearly half, the short-term implied volatility has dropped significantly, the short-term volatility of Bitcoin has fallen below 50%, and the short-term volatility of ETH has fallen back to around 60%. Cryptocurrences are currently in a free-oscillating sideways state, and investor sentiment has become sluggish. As the quarterly delivery approaches, large players generally adopt a prudent strategy. Options market makers have re-increased their selling intensity and tightened their implied volatility, betting that the short-term market will continue to trade sideways.