Derivatives Weekly: BTC/ETH volatility don get re-priced as markets turn bearish

Block Scholes weekly derivatives report dey show say dem markets for BTC and ETH don dey reposition bearish steady after mid-Feb crash. BTC don correct about 50% from im ATH and e dey consolidate around $65k–$70k; ETH dey trade below $2,000. Short-dated futures (including 7-day tenors) don dey trade below spot and perpetual funding rates don move neutral-to-negative for ETH and generally neutral-to-negative for BTC for the latest update, wey signal risk-off positioning and short or hedged exposures. Options markets still dey favour downside protection: 25-delta risk reversals still skew toward puts, and implied volatility—though e don reprice down from early-Feb peaks—still high (BTC implied vol near ~50% across tenors). ETFs wey dey track BTC and ETH record big outflows (about $360M from BTC ETFs and $160M from ETH ETFs in the later report), wey dey reinforce caution among institutional flows. Futures-implied yields show inverted short-tenor premium for BTC and flatter premium curve for ETH, meaning carry costs and roll considerations for leveraged positions. For traders: elevated put skew dey raise hedging costs and show demand for downside; compressing but still-high IV create both option-selling and buying chances depending on risk tolerance; watch perp funding and futures term structure for directional bias and roll costs; ETF flows and short-tenor basis na key real-time liquidity and sentiment gauges.