Greeks.live: The election market is rapidly cooling down, and large trades of BTC and ETH are driving implied volatility down

2024-11-07 23:16:21

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ChainCatcher news, Greeks.live reported that the election market is rapidly cooling down. Despite significant increases in Bitcoin and Ethereum, and an optimistic sentiment in the cryptocurrency market, the options market is clearly ending profit-taking.

The implied volatility of Bitcoin's end-of-month options has fallen below 50%, with implied volatility across all major indicators significantly declining. Ethereum has benefited from today's substantial rise, with a smaller pullback compared to Bitcoin.

Whales have begun to position themselves for the year-end market and even the spring market next year. Today's Bitcoin block trade volume reached $1.2 billion, while Ethereum block trade volume reached $600 million, primarily consisting of sell options, which is also the main driver behind today's sharp decline in implied volatility.

Recent blockchain movements are worth noting, as whales have started to take action.

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