After the approval of the Bitcoin (BTC) ETF in the United States, its volatility plummeted by approximately 30%. The volatility then recovered in the following 20 days, during which it rose by 100% again. Similarly, after the BTC ETF was approved, the volatility of Ethereum (ETH) also dropped by nearly 30%.
Therefore, if the ETH ETF gets approved, we should consider either going short on volatility or buying both (BTC and ETH), betting on high volatility. If the ETH ETF doesn't get approved, we might be more inclined to short volatility regression. Remember, however, that all investments carry inherent risks and these are just one perspective. Any specific actions should be based on a comprehensive consideration of your individual financial situation and risk tolerance.