BTC IV has now completely round-tripped after the Feb 6 spike (price bottom), and is now entering the bottom quartile (below 40). The only other times vol has been this low, were Summer 2023 and 2025, both a few months prior to significant price events, the ETF run-up and the Oct 10 liquidation crash. I expect vol to expand, with price increasing alongside it. Vol doesn't stay this cheap this long.(James Van Straten)