#BitcoinOptionsVolatilityHitsFiveYearLow
1. *Consolidation + low volume* — spot is stuck, so market makers are in a positive gamma regime, pinning price.
2. *Institutionalization* — spot ETFs have absorbed >$150B, 401k/IRA allocations and corporate treasuries encourage buy-and-hold, smoothing swings. Deutsche Bank and others note this is making BTC behave more like gold$NVDAB $BTC #BitcoinOptionsVolatilityHitsFiveYearLow
1. *Consolidation + low volume* — spot is stuck, so market makers are in a positive gamma regime, pinning price.
2. *Institutionalization* — spot ETFs have absorbed >$150B, 401k/IRA allocations and corporate treasuries encourage buy-and-hold, smoothing swings. Deutsche Bank and others note this is making BTC behave more like gold$NVDAB $BTC #BitcoinOptionsVolatilityHitsFiveYearLow