Greeks.live macro analyst Adam wrote that this week's crypto market transactions were relatively flat, the total amount of option delivery fell by nearly half, the short-term implied volatility dropped significantly, the short-term volatility of Bitcoin fell below 50%, and the short-term volatility of ETH fell back to around 60%. Cryptocurrencies are currently in a free oscillation sideways state, and investor sentiment is becoming sluggish. As the quarterly delivery approaches, large investors generally adopt a prudent strategy, and option market makers have re-increased their selling intensity, tightened implied volatility, and bet that the short-term market will continue to consolidate.