Greekslive said that cryptocurrencies have entered a correction trend, Wu said. The implied volatility IV of each major term has fallen significantly, with BTC Dvol currently falling below 50%, and has only been below current levels 30% of the time in the past year.

According to the options data, RV has fallen from 100% of the high on August 9 to the current 40%. The actual volatility level of BTC has dropped sharply, which is also an important factor driving the decline in IV.

Large-scale call options bottom-fishing continued to appear, with maturities mostly chosen at the end of September and the end of October, and whale users began to plan for long positions.