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BTC option prices are at their cheapest level in five years, according to crypto research firm 10x Research.
10x Research said implied volatility for front-month BTC options stood at 33.5%, more than four percentage points below realized volatility. Over the past week, option skew fell by about three percentage points, while October-expiry put options with strike prices of $78,000 and $80,000 saw block trades totaling as much as $204 million. The firm said the activity appeared to reflect investors hedging downside risk while maintaining long positions, rather than betting on a bearish move.