1/ Midweek Crypto Derivatives Report bitcoin:native's vol curve has snapped into front-end backwardation. 30d ATM IV firmed 11.3 vols on the week to 46.0, with the front of the curve leading the move - short-dated IV up near ~63 (est) - while the 90d belly sits as the cheapest point on the surface around ~42.6 (est). And front-end realised is waking up to meet it: 7d RV at 46.7 now sits level with 30d implied, even as 30d realised lags at 35.3. Implied still leads - paying up ahead of a tape that is only just starting to move - but this is not a calm market, it is a quickening one. (i) Key Themes (ii) Positioning (iii) Hyperliquid
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