Bitcoin's short-term implied volatility has dropped below 50% following the quarterly settlement and weekend, with major terms hovering around this level. Ethereum's short-term implied volatility has decreased to below 70%, though major terms remain above 70%. The volatility risk premium (VRP) has also fallen from nearly 20% last week to 10%, with minimal block trading activity observed. The market is in a wait-and-see mode, anticipating significant macroeconomic data releases this week, including Friday's unemployment and non-farm payroll figures. However, the impact of these data points is expected to be overshadowed by the influence of Trump's tweets.