According to BlockBeats, on September 25, Greeks.live researcher Adam shared on social media that the upcoming Friday will see the quarterly options expiry. There has been a noticeable decline in implied volatility (IV) across major maturities. Currently, Bitcoin's (BTC) quarterly options account for 33% of the total open interest, while Ethereum's (ETH) quarterly options make up 38%, indicating a relatively small quarterly expiry.

Recently, there has been a significant volume of large-scale put options transactions, likely indicating a rollover of positions. The next quarter encompasses the U.S. presidential election, introducing substantial uncertainty. However, the overall level of implied volatility remains low, with less than 30% of the past year seeing lower levels than the current one.

Whales are actively positioning for the next quarter, particularly around the election period, with trading activity notably high.