According to Adam, a macro analyst at Greeks.live, the quarterly delivery is coming this Friday, and the IV of all major maturities has dropped significantly. Currently, BTC options account for 33% of the total holdings this quarter, and ETH options account for 38% of the total holdings this quarter, which is a relatively small quarterly delivery.
A large number of large put option transactions have occurred recently, and there is a high probability that they are shifting positions. The next quarter covers the US election, and there is currently great uncertainty, but the overall implied volatility level is low, and in the past year, only less than 30% of the time is lower than the current level.
Whales are planning for the next quarter, especially before and after the election, the trading is very active.