Last week showed a strong falling trend. On Friday, the price of Bitcoin briefly approached $80,000, and the market entered extreme panic. However, with the Fed's dovish comments saving the market, there was some relief over the weekend, but a wave of Unfavourable Information is still on the way.

According to the options data, the recent week has not shown a significant increase in IV. Compared to two weeks ago when it fell below $100,000, the increase in IV is quite noticeable. Currently, Bitcoin's IV for all durations is above 50%, with the short-term rising to 55%. Meanwhile, Ethereum's IV for all durations is above 73%, with the short-term maintaining above 80%.
This also proves what we mentioned earlier, that the significance of the $100,000 key level for the options market is significantly greater than that for the futures and spot markets.
Another change is in Skew. Although the overall trend was still a fall last week, Skew did not continue to lean bearish; instead, some maturities are on the rise.
Market expectations for a rebound have strengthened, mainly due to the recent dovish remarks from the Federal Reserve, which have pushed interest rate cut expectations back above 70%. U.S. stocks have begun to rebound, driving the capital markets.
However, recent news shows that support for cryptocurrencies in the U.S. stock market is clearly declining, with some institutions continuously selling off, and the DAT+ETF market may be cooling down.
Considering the above situation, it is likely that there will be no good market conditions in the last month of this year. The Federal Reserve's interest rate meeting in December will be a key point in determining market trends.