Bitcoin's implied volatility has crashed since the SEC's approval of spot ETFs, providing a lesson for ether traders speculating on the potential approval of an ETH ETF later this year. Traders looking to speculate on how ETH may perform should pay attention to how options are being priced as the event draws nearer. Being long on volatility and implied volatility leading up to an announcement like an ETF approval may not be ideal. Bitcoin options were pricing in volatility leading up to the BTC ETF approval date but implied volatility crashed significantly after approval.