Observing the recent market trends, we can see that the major fluctuations are occurring in the evening, which is commonly referred to as the U.S. trading hours. The increasing concentration of this phenomenon is definitely due to the impact of ETFs, while the Matthew effect of trading activity is also a contributing factor. Today's sharp fluctuations have led to a slight increase in the IV of major quarterly options. As mentioned yesterday, with the approaching quarterly large-scale delivery, the oscillation range of BTC has actually increased. Compared to last week, the hedging costs for market makers have significantly increased, while they are also accelerating their position transfers.

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