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Last week, we recommended a calendar spread: sell the April 10 $74,000 BTC call and buy the April 17 $74,000 BTC call ahead of the Kevin Warsh Fed confirmation hearing. The short leg expired worthless as expected (or hoped), and Bitcoin rallied in line with our thesis. However, the hearing has been postponed without a date set yet, removing the near-term catalyst we were positioned around.

A week after the Iran conflict escalated, Bitcoin's implied volatility spiked to 55.6%, then collapsed to 40.5%, a level where options are no longer expensive by any measure. Demand for downside protection has faded, and traders are now selectively rotating into upside exposure.

Below, we break down what the smart money volatility play appears to be. The flows are surprising, but real money is on the line, and when positioning shifts decisively, it tends to reveal something the broader market hasn't yet priced in.

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The 10x Volatility Edge is our weekly options-focused publication covering Bitcoin and Ethereum derivatives markets, breaking down implied volatility, positioning flows, and actionable trade ideas. Each issue identifies where smart money is moving, what the options market is pricing in, and how to structure trades around high-conviction catalysts. It's built for traders who want an edge beyond spot price, using volatility and options to express views with better risk-reward.

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