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Bitcoin options are priced cheap to realized volatility by a historically unusual margin, the 1m IV-RV spread sits at -6.8 points, while Ethereum's gap is even more extreme at -11.7 points. Dealers are net short gamma below $65K, meaning a move lower accelerates into forced selling. Skew has flattened week-over-week at the long end, signaling fading tail-risk demand, but the front remains deeply put-heavy at -5.4%. The June 26 expiry dominates open interest at ~$10bn notional, creating a clearing event this Friday.
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