Whales are showing low volatility expectations

Crypto markets suffered heavy losses due to multiple sell-offs, with BTC falling to $57,000 and ETH to $3,100.
Options market data shows that BTC's major short term IVs are up 10%, Dvol is up 3%, ETH related parameters are up slightly less than BTC, and Skew are all clearly skewed in a bearish direction.
BTC Block put volume is clearly on the rise, the distribution of transactions is more complex, the Jul12 58,000Put is the largest one.
Looking at Options Data, Whales are not too worried about potential downside risk at the moment, and are mainly in the process of adjusting their positions for last week's quarterly delivery, especially for ETH, where Whales are showing low volatility expectations.