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The magic of pre-IPO perps.
BTC options are pricing a clear downside bias across the volatility curve.
The BTC 25 delta skew stands at 11.3% for 1 day, 10.5% for 1 week and 10.8% for 1 month, compared with 3.9% at 1 year.
Puts carry a higher implied volatility than comparable calls across every maturity, with the difference most pronounced toward the front of the curve.
Today was a big day for financial markets, here are the 8 headlines you need to know ↓
1. The S&P 500 closes the day down 1.21%
2. Top Chinese AI firm DeepSeek has reportedly raised $15B at a $74B valuation.
3. The U.S. 10Y Note Yield falls to 5.00% for the first time since September 23rd.
4. France’s 5 year government bond yield hits 4.5% – its highest level since 2008.
5. There's now a 93% chance the Fed does not raise rates next week.
6. China’s stock market has officially entered a bear market, with the benchmark CSI 300 now down 14.44% year to date.
7. Central banks around the world are reportedly stockpiling 4x more gold than usual and moving it out of the U.S.
8. Elon Musk is "rushing" to combine Tesla and SpaceX in a $3.7T deal, per Bloomberg.
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ethereum:native 1-month ATM IV is 49%, versus 37% 30-day realized vol.
The +12.5-point gap ranks in the 90th percentile over two years.
Does realized vol catch up, or does the premium compress?
Coinbase will suspend trading for Ampleforth Governance Token (FORTH) on November 23, 2026, on or around 2 PM ET.
FORTH funds will remain accessible, and withdrawals will continue to be supported.
See @CoinbaseAssets for full details.
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Ampleforth Governance Token (FORTH) on 23 November 2026 on or around 2 PM ET.
What does this mean for you? Read more👇
Today was a big day for financial markets ↓
1. Bitcoin reclaims $84,000.
2. Tesla confirms none of its 11,509 $BTC worth an estimated $972M was sold in Q3 2026.
3. The U.S. finalizes new crypto stablecoin regulations under the GENIUS Act.
4. France’s 10 year government bond yield hits 5% – its highest level since 2002.
5. Judge orders $META to pay $25 billion for misleading users about their privacy in the Cambridge Analytica scandal.
6. OpenAI discovers “critical security flaws” in an open-source programming language used to run an estimated 70% of websites.
7. IBM shares soar over +6% after reporting stronger than expected earnings due to AI.
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Coinbase Derivatives will be temporarily offline for scheduled maintenance Saturday, October 24 at 5:00 AM CT. Expected duration: 9 hours.
During the maintenance, trading futures and perpetual futures on Coinbase Financial Markets will be unavailable. Account access will remain unchanged.
UK inflation is back in focus after a hotter than expected CPI print.
Inflation rose to 3.5% YoY in September, above the 3.4% forecast, while unemployment unexpectedly fell to 4.7%. Both readings put the Bank of England’s rate outlook in focus.
In the US, weaker housing starts and pending home sales pointed to continued pressure on the housing market.
Still ahead this week: US jobless claims, UK retail sales and flash PMIs.
Here’s the economic calendar ↓
$ETH 1-month ATM IV: 49%
30-day realized vol: 37%
The 12.5-point premium is in the 90th percentile of readings over the past two years.
The question now: does realized volatility catch up, or does the implied premium narrow?