🧪🌡Volatility check as we have entered the new year
• Post-expiry reset has pushed IV to holiday lows, with 1W vols the lowest since late September
• Taker flow is slowly returning, mainly via upside long-vol positioning
• The vol curve is lifting, but only marginally
1W–6M IV remains tightly clustered around 43–45%. Flat curve, compressed pricing.
🤔This looks like participation coming back, not fear being repriced. Vol is waking up, but it’s still cheap relative to recent history.