Bitcoin's implied volatility has returned to pre-ETF listing levels, according to Jeff Park, CIO of ProCap. Park noted that since the FTX crash, implied volatility has not exceeded 80%, with the closest approach occurring last March amid continuous inflows into spot Bitcoin ETFs. Park revealed that the largest open interest among Bitcoin options expiring on December 26 is the $85,000 put option, totaling approximately $1 billion. This surpasses the open interest for $125,000 call options at $620 million, $140,000 call options at $950 million, and $200,000 call options at $720 million.