Geopolitics just took the wheel ⚔️ Oil. Gold. AI stocks. Risk assets. And crypto options markets are already screaming downside. • ∆25 skew at extreme bearish levels • Put wing pricing similar to Nov 2022 FTX stress • Short-term vol in backwardation • Heavy hedging flows via IBIT options AD Derivatives (formerly GVol) But here’s the twist: A lot of the downside may already be priced in. Instead of chasing puts, volatility structure suggests the opportunity may be in supplying liquidity to panic hedgers. AD Derivatives (formerly GVol) Medium term? Trend still not broken. ETH/BTC looks especially vulnerable. Full derivatives breakdown inside ↓ blog.amberdata.io/iran-tension...… AD Derivatives (formerly GVol)