The market is currently in a pronounced downtrend, with BTC's short-term implied volatility (IV) surging to 40% and ETH's short-term IV climbing to 70%. This rise in short-term IV indicates heightened market expectations for volatility this week. The decline in crypto-related stocks in the U.S. market, particularly the MicroStrategy series, triggered this downturn. Historically, September has been a month of relatively weak capital flows, with liquidity typically improving in the final quarter. Today's put option block trading volume is also surging rapidly, totaling 1.17 billion and accounting for 30% of the day's total trading volume, with defensive sentiment dominating the market.(Greeks.live)