Bitcoin front-month implied volatility fell to 33.5% — a five-year low — while traders simultaneously bought $204M in October $78K-$80K puts, describing a market that is long Bitcoin with downside hedges rather than outright bearish. The DXY held near an 18-month high at 102.2 with analysts split on whether it stalls at a long-term trendline or extends an 18-year bull market. Global bond yields have done 178bps of tightening work for central banks, cutting cumulative rate hike expectations from 717bps to 539bps across eight major economies. Ethereum spot ETFs shed $542M last week, $477M from ETHA alone. BNB Chain leads tokenized stocks at $1.2B as the total market hits a record $3.9B. Wednesday’s CPI is the week’s defining data point.