大老师Bugsbunny |DRAM UP only|Nov 02, 2025 12:42
DVOL is higher than ATM IV because VIX includes the 'tail risk premium' of deep out-of-the-money put options and amplifies the weight using 1/K^2.
Bitcoin is especially afraid of crashing, so insurance is expensive, and VIX is high. Is this understanding correct?
In plain terms, institutions are extremely cautious about left-tail risks,
which is reflected in the premium compared to ATM IV.
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