#期权市场 Recently, the implied volatility in the options market has been declining across the board, with significant drops in both Bitcoin and Ethereum. This signal actually reminds us of an important point—the market is entering a relatively calm phase.

The Christmas holiday, year-end settlements, and institutional repositioning all stack up to create the current low-volatility environment. Over 50% of options positions are waiting to expire, and most institutions have already adjusted their holdings. This is not a bad thing; rather, it’s the market self-regulating.

My observation is that the next half month may be a period of "still waters run deep." A calm market offers calm opportunities—for patient investors like us, this is a good time to reassess asset allocation and review risk exposure. There’s no need to chase volatility; instead, take advantage of the market’s relative rationality to make your position management more solid.

In the long run, cyclical changes in volatility are normal. Rather than feeling bored during low volatility, it’s better to use this time to strengthen your foundation—ensure that every allocation can withstand scrutiny. The market will eventually return to its usual rhythm, but by then, you will already be prepared.