📊 BlockScholes x @Bybit_Learn : No Signs of Impending Santa Rally
1/ 🧮 BTC volatility has normalised from the late-November spike but remains high: 7-day at-the-money implied volatility is well below its recent peak, while realised volatility has also fallen from earlier extremes, and the BTC term structure now slopes upwards rather than inverting around short tenors.

3/ 📊 Positioning in ETH options has shifted towards downside protection: open interest in ETH puts now exceeds calls, and volatility smiles are skewed towards out-of-the-money puts across expiries, consistent with recent outflows from ETH spot ETFs.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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