The short-term impact of the ETF's passage is largely over

The short-term impact of the ETF's passage is largely over. BTC's volatility level dropped to a new low in the past month, with both major terms RV and IV showing significant declines, and short-term IV plummeting to below 45%.
Judging from the current options market data, institutions expect a narrow range before Feb, and the market brought by the ETF needs time to digest.