According to Greekslive, the Dvol index has dropped from 62% to 48% since the July monthly delivery, a drop of nearly 15%, according to Wu. The current overall implied volatility (IV) level is low, with only three weeks below the current level throughout the year. On the one hand, the volatility of the crypto market has dropped significantly, and on the other hand, important macro events such as the Bitcoin Conference and the FOMC have landed smoothly. The market currently lacks hot spots, and the ETH ETF needs to wait for stable positive inflows. Judging from historical trends, this quarter should be generally optimistic, but there are few short-term opportunities, and COSCO options are bullish.

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