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$BTC Volatility Cools — But Smart Money Still Hedging
Implied vol has dropped back to the high-40% range — panic premium is fading. That’s stabilization, not a green light.
Put demand still dominates, meaning institutions remain hedged. This isn’t risk-on — it’s defensive positioning.
Vol compression ≠ bullish confirmation.
Fear cooled. Conviction hasn’t returned.
When liquidity truly flips, positioning will too — and volatility will expand the other way. Stay sharp.