CoinMeta data: Coinbase Markets reported that approximately $16 billion worth of BTC options were settled last Friday. Following the quarterly settlements in the third quarter ( Q3 ), there was a significant repricing in the ETH short-term options market: the implied volatility ( ATM IV ) for 7-day ETH at-the-money options soared by nearly 10 volatility points, while the implied volatility for longer-term options remained relatively stable. At the same time, the 7-day 25Δ skewness ( Skew ) turned positive again, resulting in premium trading for call options over put options. This repricing was highly concentrated at the front end of the term structure (the nearer terms), indicating that market demand in the short term was significantly biased towards acquiring bullish positions.