Bitcoin traded near $93,000 today, and while most eyes stayed glued to price, the real signal was unfolding beneath the surface — in volatility. Today’s moves across short-term and medium-term vol curves are not typical of calm markets. They're the market's way of whispering that the setup for a sharp move — in either direction — is materialising.

This isn’t about price catching up. It’s about volatility telling the story first, and those who can read it knowing where the next disruption could emerge. Let’s break down the key volatility components that traders should not be ignoring right now.