The Harry Potter Lesson

So without further ado let's dive in....

The Chop Don't Stop
We had both a CPI print and FOMC announcement last week. And even some decent price action to start the week.

Yet not much has changed on BTC from an options volatility perspective.

As we can visualize on the BVIV implied volatility index chart below, each and every spike in IV since the March highs has been promptly sold off. This has created a long series of lower highs and lower lows on the chart.

This week was no exception as Wednesday morning's high of 55 quickly reverted -10% back down to 50 by Thursday afternoon.

Volatility crushed.