Greeks.live: Near Quarterly Delivery, Crypto Options Market Makers Bet Short-Term Market Will Continue to Sideways

Greeks.live macro analyst Adam wrote that this week's crypto market trading is relatively flat, the total amount of options delivered has dropped by nearly half, the short-term implied volatility has dropped significantly, the short-term volatility of Bitcoin has fallen below 50%, and the short-term volatility of ETH has fallen back to around 60%.
Cryptocurrences are currently in a free-oscillating sideways state, and investor sentiment has become sluggish. As the quarterly delivery approaches, large players generally adopt a prudent strategy. Options market makers have re-increased their selling intensity and tightened their implied volatility, betting that the short-term market will continue to trade sideways.