The ETF application frenzy recedes, and crypto prices decline🫢
Major tokens continued to come off from its recent highs, as the ETF filing euphoria and regulatory optimism have faded against still weak market internals. In vol space, volatility remains one-way offered as implied vol struggles to muster any significant rallies, with vol momentum dropping back to recent lows as BTC was unable to hold above 30k. Furthermore, open interest data shows large call over-writing / negative gamma risk around the the $31-$32k area, as traders remain biased to sell OTM upside for yield pickup against their spot longs.
