Svmuu Svmuu Report: Bitfinex pointed out in its report that Bitcoin's 30-day implied volatility (IV) has fallen to about 42%, hitting a three-month low, a significant drop from the high of about 56% from January to February 2026. Additionally, the market has experienced negative funding rates for 26 consecutive days. Coupled with declining option prices, this has formed a clear structural asymmetry. If Bitcoin's spot price effectively breaks above the $80,100 level, which is the realized price for short-term holders, the cost of holding short positions will rise significantly. However, the current options market has not fully priced in this scenario, and call options may be systematically undervalued.