IV pullback suggests the market thinks it can’t drop much further, but the high Put ratio still shows a “stock-coward” vibe—typical of a bearish market grinding at the bottom.

Greekslive said that recently, the main expiry IV of crypto options has fallen markedly, indicating that market expectations for low volatility are heating up. Its analysis said that a rapid drop in early June temporarily pushed IV higher, but as the selloff paused, IV then fell quickly. With put trade share rising and IV staying at low levels, it shows typical bear-market volatility behavior.