Thahbib Rahman
Research Analyst
ETH continues its rally today, bringing its weekly performance up to 45%, outperforming both BTC and SOL. The major fluctuations in price are causing large moves in short-tenor volatility, which collapsed earlier in the week before rebounding back to 70%, and reinverting its term structure. Short-tenor smile skews for ETH have also been soaring, now assigning a 7% premium to OTM calls. In macro, Trump’s tariff war is still yet to show up in the hard inflation data as April's headline CPI fell more than expected, for the third consecutive month.