On October 12, 10x Research reported that Bitcoin options prices have fallen to a five-year low, with the near-term implied volatility at 33.5%, more than 4 percentage points lower than the actual volatility, indicating that options are relatively cheap. Over the past week, the skew of Bitcoin options has decreased by nearly 3 percentage points, with traders focusing on buying put options expiring in October with strike prices of $78,000 and $80,000, with single large trades reaching up to $204 million. 10x Research believes this indicates that investors overall still hold long positions while hedging downside risks through options, rather than fully turning bearish. In contrast, the signals from the Ethereum options market are different: its largest corporate buyer has indicated that it will stop buying in the coming weeks, with options trading primarily dominated by sellers of call options, and the implied volatility is higher than the actual volatility.