Quarterly delivery is coming up this Friday and IVs are down significantly in all major terms. This is a relatively small quarterly delivery, with BTC's options position at 33% of total holdings this quarter and ETH's options position at 38% of total holdings this quarter. There have been a large number of Block put option deals recently, and the odds are that they are moving positions. Next quarter covers the US election, which is currently highly uncertain, but overall implied volatility levels are low, having been below current levels for just under 30% of the time in almost a year. Giant whales are laying out the next quarter and are trading very actively around the election in particular.