From August 14th to 27th, 2023, the BTC implied volatility surface showcased overall stability, with one significant exception: the crash on August 17th at 22:00 UTC. During this crash, an anomaly emerged, with surge in at-the-money (ATM) volatility projections, coupled with a noticeable liquidity scarcity. Remarkably, high ATM endured in next five days, maintaining levels within the range of 40 to 50. When the market crashes or has a sharp and sudden correction, most retail traders lose money. It is important to hedge with options for market shocks while you can - so you profit from large market events.