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$BTC funding is at the 84th percentile, meaning traders are paying more than usual to keep longs open. But 1-month IV is only at the 16th percentile, meaning the options market expects a relatively calm month. Futures OI is also 0.4σ below its 1Y trend. If this gap closes, we could see longs get flushed or volatility pick up fast#LaborMarketTestsWalsh #BTCGoldCorrelation #BroadcomDellAIResults