The Cook Capital Market View After last week's plunge, the market generally believes there may be aftershocks. The medium- and long-term smile has almost disappeared, and the BTC IV curve is extremely flat, with ATM IV across maturities generally ranging from 41-45%. The risks brought about by macroeconomic factors such as the renewed trade war have not been eliminated. Therefore, the current BTC IV pricing is actually reasonable, and the month-end IV may even be slightly low.