CoinMeta data: A latest report from 10x Research indicates that Bitcoin options are priced at 30 in a market with a volatility of 42, suggesting that smart funds are hedging against Ethereum rather than Bitcoin. As early as early August, 10x Research predicted that Bitcoin would confirm a cycle low for the month, and that prediction came true. After maintaining around $63,000 for several weeks, Bitcoin broke through and continued to rise. The current implied volatility has fallen to a cycle low, while the actual volatility is 12 points higher, with some Bitcoin options being priced at 30 in a market with a volatility of 42. Dealers are in a short Gamma position above the spot price, with an estimated $12 billion in options expiring in October. Such a market positioning will not last long. This week, 10x Research proposed two types of option trades with a reward-to-risk ratio of 3.5 to 1, and identified the exact levels at which dealers would hedge against further increases and stops. There has been a surge in call demand, and the question is whether this is short-term hedging or the beginning of a systemic shift.