The implied volatility term structure indicates increasing uncertainty over longer horizons, though near-term market conditions remain calm.

Bitcoin is currently trading around $113,000, with an expected range between $95,000 and $125,000, making a short strangle a suitable options strategy.

Implied volatility is above realized volatility, suggesting options are overpriced and the market is unlikely to move significantly outside the current range in the short term.

Based on these conditions, 10x Research recommends the 'short strangle' strategy for Bitcoin in September, given the low volatility and market calm.

Overall, managing risk and understanding market signals are crucial for executing options strategies effectively in the crypto market.

A short strangle involves selling out-of-the-money options at strikes equidistant from the current price, aiming to profit from premiums while expecting Bitcoin to stay within the defined range.

For the strategy to be profitable, Bitcoin must remain between $95,000 and $125,000, with similar past strategies yielding around a 3.5% return.

However, short strangles carry significant risk if volatility spikes unexpectedly, so traders need to monitor positions carefully.