As the date of the Federal Reserve's interest rate cut meeting approaches, today's volatility has slightly decreased, but the IV skew remains negative, indicating market concerns.

Mainly looking at the ETH data.

From the volume perspective, the trading volume of calls and call blocks in the past 24 hours has been dominant, and changes in OI reflect this, with positions increasing across strike prices from 3200 to 3800.

From the pcr data, the proportion of puts on the 11th and 12th exceeds 1.0, reflecting a typical insurance style and highlighting market worries about the situation.

From the IV perspective, the IV on the 11th and 12th remains relatively high, while IV for other maturities has decreased. The VRP value has turned positive, indicating that sellers have come out ahead.

From the gamma ex perspective, the 3K position remains positive gamma, providing clear support. The 3.2K position has clearly increased negative gamma, which will provide significant momentum to the upside, potentially challenging 3400.

In the current market situation, maintaining a positive exposure in the portfolio is relatively suitable, betting on the favorable support of the interest rate cut on the 12th.

However, it is also unwise to be blindly optimistic, as the skew remains deeply negative, with no bullish market sentiment. A rebound and then exit may be the choice of most traders.

Wishing everyone to be friends with time and open positions steadily~