Following the weekly settlement, BTC surged significantly and is now approaching $74,000, which marks the upper boundary of its trading range since February. The options market has reacted modestly to this development; the implied volatility of BTC’s expiring options remains below 50%, while that of ETH’s expiring options remains below 70%, both lower than the implied volatility of major maturities. In terms of trading volume, large-volume call options account for less than 30% of total volume, concentrated in shallow out-of-the-money contracts near the end of the month—a relatively low proportion for a 5% price rally. The options market has not adequately priced in this recent rally; while VRP has rebounded, it has not yet turned positive, indicating that the market still views volatility as overvalued. The current trading range has not been effectively broken. If the price can break through the $75,000 level over the weekend—when liquidity is typically low—and decisively break out of the range, then a sustained rally might emerge; however, this would be extremely difficult to achieve.(Greeks.live)