Bitcoin's options skew looks bearish – but not because traders are aggressively paying for protection.

While downside IV is cheap, the real extreme is upside IV: an all-time low of 23%.

Nobody is paying for $BTC upside anymore.

Quoting @glassnode:
Global markets broke to records while Bitcoin stood still. This edition traces that stillness: a theft the market slept through, bottom signals arriving through boredom and an options market priced for nothing while sentiment reacts to everything. http://x.com/i/article/2084996338773864448