Volatility is cooling off… but calm doesn’t last forever. 🌪️ After last week’s chaos, BTC vol is chilling around 40 and ETH around 60. The panic’s gone, for now. Short-dated implieds are steady and carry flipped positive before dipping again. But here’s the setup everyone’s watching: CPI data and the next FOMC meeting are right around the corner. One headline, one surprise, and vol could explode all over again. Meanwhile, the options market is telling a story: 📉 Midweek, traders rushed for downside hedges. BTC puts hit a 13-vol premium, ETH 15. 📈 Now things have cooled, but BTC still leans bearish on the long end. 💡 ETH’s curve is more optimistic, with 2026 calls still in demand; the market’s betting on its next big run. The calm before the storm? Or just the start of something bigger. Read the full analysis on @DeribitOfficial by Imran Lakha @options_insight: