The volatility risk premium (VRP) for BTC has decreased since the halving, indicating a more stable market ahead. The VRP for ETH remains higher than that of BTC, suggesting a relatively uncertain future for ETH. The VRP measures the difference between an asset's option-induced implied volatility and its realized volatility, reflecting expectations for price turbulence. The narrowing of the VRP for BTC suggests a realignment of market expectations towards a more predictable environment post-halving. However, the VRP for ETH may be influenced by the SEC's ETF decision in 2024, which adds an additional layer of uncertainty.