The market is clearly in a downward trend, with BTC's mid-to-short-term IV surging to 40% and ETH's short-term IV spiking to 70%. The rise in short-term IV reflects the market's increased expectations for volatility this week. Crypto-related stocks in the U.S. market, especially MicroStrategy series stocks, have been the trigger for this drop. Historically, September has been a relatively weak month for capital flows, while the last quarter tends to see more abundant liquidity. Today's bearish options block trading volume is also rising rapidly, with a total of $1.17 billion traded, accounting for 30% of the day's total trading volume. A defensive mindset has taken over as the mainstream sentiment.