Volatility and Decreased Implied Volatility in Bitcoin and Ethereum below 50%

The cryptocurrency market has demonstrated a notably subdued level of volatility as of late, with Bitcoin’s ultra-short-term implied volatility (IV) dropping below 40%. Similarly, Ethereum’s implied volatility (IV) has decreased to 48%, while both open interest and trading volume have reached their lowest values at day-end. These developments collectively indicate that the market is currently at a state of tight liquidity.