**Implied Volatility Drops to Historic Lows as Institutional Betting Cools Down**

Market observations show that Bitcoin futures contracts on the Chicago Mercantile Exchange recently fell below 120,000 BTC, hitting a new low since early 2024. This data directly reflects a clear decline in the participation enthusiasm of large institutions. Meanwhile, with the dual effects of the US dollar index retreating and the technology sector strengthening, Bitcoin prices have seen slight increases but have not broken out strongly.

From the volatility structure, the 30-day implied volatility of Bitcoin currently remains around 45%, relatively low. More notably, the 30-day implied volatility of Ethereum has fallen to 70%, the lowest since October 9. The decline of these two key indicators is generally interpreted by the market as a signal that the year-end is approaching and trading enthusiasm is gradually cooling.

The narrowing of implied volatility often indicates that market participants are lowering their expectations for future volatility, with heavy capital adopting a wait-and-see attitude. The continued decline in institutional contract volume alongside the synchronized decrease in volatility further confirms the current market's冷淡态势—waiting rather than acting has become the main theme.