According to the source, BTC options markets show traders paying up for downside protection as put prices outpace calls while 30-day implied volatility sits near a two-year low, indicating elevated demand for hedges despite subdued vol (source: Deribit). This positioning contrasts with supportive macro tailwinds cited in the market, including a recent U.S. policy rate cut and the SEC’s accelerated handling of crypto ETF filings (sources: Federal Reserve; U.S. SEC). For execution, the rich put skew versus low overall IV favors cost-controlled structures such as bear put spreads or protective collars over outright long puts to mitigate theta and skew costs (source: Deribit). Near-term risk management should account for potential sharp moves where skew implies improved downside payoff asymmetry if BTC weakens, while low IV increases carry risk if spot remains stable (source: Deribit).

According to the source, the Federal Reserve cut the policy rate by 25 bps, the first reduction since last December, a shift that historically supports risk assets when real yields fall; crypto traders should watch DXY and U.S. 2-year yields for confirmation of flows into BTC and ETH. Source: Federal Reserve data. According to the source, the first U.S. XRP ETF is slated for Sept. 18 and CME will list options on Oct. 13; such listings typically tighten spreads, deepen liquidity, and lift implied volatility around launch and first expiries—monitor XRP spot-futures basis, options term structure, and open interest for positioning cues. Source: CME Group materials; Cboe Global Markets ETF market-quality research. According to the source, the SEC eased spot ETF listing procedures and cleared Grayscale’s Large Cap Crypto Fund, potentially broadening onshore access and fueling creation/redemption and basis trades across BTC, ETH, and XRP. Source: U.S. SEC filings; Grayscale fund documentation.