In Options Trading, How Does a PoS Transition Compare to an ‘Event Risk’ for Related Financial Products?

A PoS transition, such as the Ethereum Merge, is a major 'event risk' because it fundamentally alters the underlying asset's economic structure and supply/demand dynamics. This uncertainty can lead to increased volatility in options prices, particularly for near-term contracts, as traders try to price in the success of the transition and its subsequent impact on issuance, staking yield, and regulatory outlook.