A bottoming process for BTC is starting to form via IV. Previous market lows have coincided with spikes in IV, and the broader structure shows IV trending lower over time, meaning each panic event is weaker. (More institutional). If IV continues to drop while price holds or even sweeps back in the $60ks, it would show demand stepping in without panic. It would be a typical sign of accumulation and we have already seen signs of s short squeeze with funding still negative.(James Van Straten)