According to Adam, a macro researcher at GreeksLive, data on X platform shows that the implied volatility of BTC and ETH rapidly decreased after the BTC halving. The representative BTC Dvol dropped from 75% to below 65%, reaching a new low since March. On one hand, the stagnant market has significantly reduced the realized volatility RV, which has suppressed the implied volatility IV from the pricing end. On the other hand, there was some wait-and-see sentiment for the margin released by the quarterly large delivery before halving. As the market gradually stabilized before and after halving, continued selling by large holders further lowered volatility expectations. Historically, BTC enters a period of price weakness starting from mid-April. From a risk-reward perspective, selling May call options is currently very cost-effective.

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