These days, the cryptocurrency market is struggling to breathe under continuous selling pressure. Today alone, the implied volatility of options dropped sharply from 65% to the low 55% range, a decline of about 10%.

This movement signals that the underlying bearish sentiment is becoming more severe. The current week's option positions account for only 6.6% of the total holdings, indicating how quiet the market has become. With almost no activity, it seems the cryptocurrency sector has entered a dormant period. As a weak internal rebound continues, investors also appear to be cautious.