10x Research reports that Bitcoin option prices are at a five-year low, with near-month implied volatility at 33.5%, over 4 percentage points below realized volatility. Traders are buying October-expiry puts at $78K and $80K strikes, with block trades reaching up to $204 million, hedging risk while maintaining long positions. Ethereum’s options market shows different signals: the largest corporate buyer will stop buying within weeks, trading is dominated by call sellers, and implied volatility exceeds realized volatility.