Market enthusiasm has cooled significantly. Currently, the annualized premium for Deribit's Ethereum futures stands at just 3%, while Bitfinex's USDT and USD lending rates have dropped to 4.37% and 7.89% respectively. There's no compelling reason to borrow USDT to participate in trades. To put it bluntly, there's little profit to be made in crypto right now—people are just sitting on their USDT and coins, staring blankly at their balances. Options' implied volatility (IV) has rebounded considerably recently. With proper hedging, sellers can still achieve annualized returns of 15%-20%.(Greeks.live)