Large-scale call option trading reached nearly $850 million as quarterly settlements approach, according to options analyst Adam@Greeks.live. This volume accounts for over 35% of daily trading, primarily driven by rollover activities. The market has seen increased volatility due to geopolitical tensions in the Middle East and movements in the U.S. stock market. Bitcoin has been trading sideways near $71,000 after a rebound, with implied volatilities (IV) across major maturities showing a decline. BTC's medium- and short-term IV has decreased by more than 5% from its peak, while ETH's medium- and short-term IV has dropped over 8% from its peak.