Traders love a big round number and 40k was the sweet spot today for BTC at Paradigm. The OTC market took a shine to calls and puts for a list of expirations at 40k. Interestingly, with so much action around 40k and with the trades distributed relatively evenly between calls and puts, you'd think the structure of the day was Straddles, but it was Strangles that saw the most transactions.
There's undoubtedly a sense of "I don't know" floating through the market. CPI came in over the top and took a big whack at market confidence. We may also have tax selling pressure that may be in play.
Short-term Vol sank most of the day for a noticeable drop despite an afternoon climb. Longer-term Vol held in rather well.