“Looking at the BTC butterfly index, we can see that wings are near the upper 90% percentile (red horizontal line). So, [while] outright volatility [metrics] seems confident in spot price consolidation, traders are still paying up for tails,” Greg Magadini, director of derivatives at Amberdata, said in the weekly newsletter.
Renewed Lull in Bitcoin (BTC) Prices Leaves Crypto Traders Fearful of ‘Tail Risk’
