Matrixport released a chart today stating that implied volatility continues to decline, and market expectations for another significant upward breakout in Bitcoin before the end of the year have cooled considerably. Against this backdrop, this Federal Reserve interest rate meeting is widely regarded as the last major event window of the year. Following the meeting's outcome, coupled with the approaching holidays, Bitcoin ETFs have lacked new net inflows, and the market is more likely to return to range-bound trading with relatively limited directional opportunities; volatility is likely to continue to decline. Options market pricing also confirms this: investors' bets on an unexpected upward move in late December are gradually diminishing.