The market hype has clearly cooled down. Right now, the annualized premium for Ethereum futures on Deribit is only 3%, and the annualized lending rates for USDT and USD on Bitfinex have dropped to 4.37% and 7.89%, respectively. There's no need to borrow U for any trades. To put it bluntly, nothing in the crypto space is making much money right now—everyone's just holding U and coins, staring at each other. On the other hand, the recent IV for options has rebounded quite a bit. With proper protection in place, sellers can still achieve an annualized return of 15%-20%.