CPI data slightly exceeded expectations and slammed BTC to 94,000 at one point, but the majors rallied back to this week's highs as Powell's favourable crypto speech and other factors spurred them on. Major term option IVs are currently at lower levels than they have been in almost a year, with Dvol below current just 14% of the time over the past year. Short-term IV is particularly low, with current month expiry IV at just 46%, and the options market is expecting lower volatility in the coming period. The main reason for this is the continued weakening of bullish forces in the near term, with Block calls continuing to see huge whale selling. Since the end of last month's delivery, the term Skew has been in a continuous downward trend and is now oscillating around the zero axis. It's rubbish time for the market to digest Trump Trade and following the giant whales selling options looks like the better choice.