Although the market has seen some recovery over the past two months, option data shows that implied volatility is still at multi-year lows, only slightly higher than the extremely quiet levels seen this summer. As the Bitcoin market and options market continue to develop, the ongoing decline in implied volatility has been a predictable trend for years. This structural change is creating new trading opportunities, and buyer strategies are becoming increasingly competitive. Hoping that the merger of Deribit with Coinbase can bring more capital to the options market.