Bitcoin's options skew looks bearish – but not because traders are aggressively paying for protection.
While downside IV is cheap, the real extreme is upside IV: an all-time low of 23%.
Nobody is paying for $BTC upside anymore.
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Global markets broke to records while Bitcoin stood still. This edition traces that stillness: a theft the market slept through, bottom signals arriving through boredom and an options market priced for nothing while sentiment reacts to everything.
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