TechFlow news, November 7: Greeks.live stated that the election-related markets are cooling down rapidly. Despite significant gains in both Bitcoin and Ethereum and an overall optimistic market sentiment in the cryptocurrency space, the options market is clearly undergoing profit-taking.
The implied volatility of Bitcoin's expiration options has fallen below 50%, with implied volatility across all major indicators dropping sharply. Ethereum, benefiting from today’s strong rally, saw a smaller pullback compared to Bitcoin.
Large holders have started positioning for year-end and even next spring's market movements. Today, block trade volumes reached $1.2 billion for Bitcoin and $600 million for Ethereum, predominantly consisting of sold options—this activity being the primary driver behind today’s sharp decline in implied volatility.
Recent blockchain movements warrant attention as whales begin to move.
