BTC and ETH Volatility Term Structures Normalise as Front-End IV Falls

BTC was again rejected near $79K and is trading around $77K, while 7-day ATM IV has fallen to around 36%, normalising BTC and ETH vol term structures after the mid-April flattening.

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Market Snapshot: Overnight Moves

Daily Updates:

• As we have seen a number of times over the past week, BTC was once more rejected at the $79K level yesterday and is currently trading around $77K.

• In options markets, at-the-money implied volatility has continued to drop lower across the curve, driven by the front-end with 7-day IV now trading around 36%. As such, the term structure of implied volatility has normalised for BTC and ETH after a period in mid-April where the structure was flat.

• US equities held up at their record high levels, with the S&P 500 closing 0.12% higher, while Brent crude oil is extending its rally into a seventh straight day as the US-Iran impasse in the Hormuz Strait continues.