BTC Market Overview

1. Start broad

Use the ribbon and top row to see whether volatility, flow, premium, and vol-of-vol are leaning stressed, calm, or mixed.

2. Check the surface

Read the IV surface, moneyness view, and term structure to see where the market is paying for convexity.

3. Confirm with realized context

Use IV/RV, cones, DVol, seasonality, and beta context to decide whether implied volatility looks rich, cheap, or justified.