Major cryptocurrencies are down across the board today, with Bitcoin effectively falling below $40,000 and Eth below $2,200. Short-term IVs are up slightly due to market volatility, but no large block orders have been seen yet. The day's trading continues to be dominated by sell call. Even during today's plunge, when hourly volume hit its largest for the month, it was still the sell calls that had the largest volume. The above data suggests that the options market for the continuation of the sharp break down expectations are not great, the institution still believes that the current decline is overshooting, short-term should not continue to buy Put short in a big way.