According to online reports, Adam, a macro researcher at Greek.live, wrote an analysis on the X platform that the election market is rapidly cooling down. Although Bitcoin and Ethereum have strong gains and the crypto market is optimistic, the options market is obviously liquidating profits and ending the election game. BTC doomsday options have fallen below 50%, all major term IV have also dropped significantly, and ETH has fallen less than BTC. Today, the transaction volume of BTC block transactions was 1.2 billion yuan, and the transaction volume of ETH block transactions was 600 million yuan. Both were mainly based on put rights. This is also the main driving force for today's IV drop. The block transactions in recent days are worthy of attention.