# Chart of The Week: Options ATM Implied Volatility

## Метаданные

- **Канал:** glassnode
- **YouTube:** https://www.youtube.com/watch?v=-6osnacUmGw

## Содержание

### [0:00](https://www.youtube.com/watch?v=-6osnacUmGw) Segment 1 (00:00 - 03:00)

Hey guys, welcome back to chart of the week with glass node where we break down some of the most important charts in crypto. So today we're taking closer look at implied volatility in Bitcoin options. So here in dashboard you have a dedicated one uh focused on implied volts. But now I'm going to zoom in on an option metric which is the option at the money implied volatility. So quick reminder implied volatility reflects how much movement the options market expects over a given time horizon. High implied V means tra are paying more for protection or for convexity which is upside exposure and lower implied vault means uncertainties being priced more calmly. So now looking at the charts over the last year, Adam implied volatility across maturities has generally trended lower. Shortdated implied volatility shows occasional spikes but those move fade quickly. Longer dated implied volatility on the other hand remains stable and relatively shallow. We saw this clearly as Bitcoin rallied into the mid and high 90s. On the first attempt, near dated vault was beat and quickly sold off. But on the second attempt, we clearly see that even the one week maturity was not even beat. It was quickly sold off by gamma seller wanted to monetize that move by selling higher premium. So this is showing you an example of how you can gouge the sentiment of the market using the at the money implied volatility. This move was clearly lacking confidence and backing um by the options market. So overall this is a volatility regime defined by compression rather than expansion. Spots moves still trigger responses but they stay contained inside a broader subdued envelope. The term structure zoom in on the two weeks. The term structure is quite compressed as there are only three vault point between the one week and the six months. Participants are not force hedger and they are not chasing momentum. So it does not mean that volatility is cheap or being ignored. Uh it does not mean risk is gone and it does not imply a directional view. It simply means the market is absorbing uncertainty over time uh instead of compressing into the near term. This is what we call volatility being warehoused. A market warehousing volatility is saying we know something could happen but we are willing to carry that risk. Volatility is not extinguished is being stored over time. a market that is panicking tries to get risk of the book right now with a very high um volume in the one week uh maturity. So such regime that what we're seeing right now is self reinforcing until they are not that's why one should remain cautious selling uh a lot of gamma at those levels. So thank you for watching chart of the week. If you enjoy this video give it a like and we will see you next week.

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*Источник: https://ekstraktznaniy.ru/video/45177*