📊 Market Snapshot — 24 Jan 26
$BTC (ref 89,550 | perp funding 3.3%)
Front-end carry stays elevated at 7.4%, but funding has cooled meaningfully. Skew remains negative yet continues to normalize, suggesting less panic hedging. IV is now close to realized vol on the short end, pointing to a more balanced market.
$ETH (ref 2,957 | perp funding 0%)
ETH remains cleaner structurally. Short-term IV trades well below RV, signaling compressed pricing despite active moves. Longer-dated vol stays bid, with improving skew, showing risk pushed further out rather than near-term stress.
Snapshot below.
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