Summary:

BTC/ETH Term Structure: BTC’s term structure has steepened across all maturities, signaling that traders are pricing in higher near-term uncertainty, expanding risk premiums, and elevated volatility likely to persist through 2026 amid growing macro-driven tail risks. ETH’s term structure has inched higher across all maturities, indicating renewed demand for optionality as traders price in moderate, sustained volatility, expecting a stable, range-bound volatility regime over the next year.

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