Crypto traders are adopting a cautious stance as market conditions remain in a narrow range with a noticeable downtrend in implied volatility (IV). The community has reached a consensus that positive vega strategies are underperforming, making short vega strategies more attractive in the current low volatility environment. Key discussions among traders include the dual grid strategy, which separates delta and vega grids. This involves selling options when IV breaks 65-70 to reduce vega, while using perpetual contracts to maintain the same delta. Additionally, butterfly strategies are highlighted for their favorable risk-reward ratio in the current low IV environment, suitable for markets with narrow price fluctuations. The bear spread strategy is recommended to minimize actual delta exposure and address the minimum order size limitation for selling puts.