1) Tesla's announcement of $1.5bn Bitcoin Treasury allocation sent spot surging >20% from 39k-48k.
Short-term Option vol pumped in response.
Then as BTC broke 44k, large buyers x2.5k+ of Feb12-26 44k-52k Calls lifted offers, IV surging >150% at its peak before cooling overnight.

2) BTC 32-40k comfort zone was short-lived; so was <100% Implied Vol. The market needed an Elon-esque announcement to break ATHs and the Tesla news was it.

Risky Put selling rewarded, but there is now a dilemma for those short Calls: large ITM and approaching OTM Short Strikes.

3) Straightforward opportunity for Long ITM Calls:
Prior 'Yield enhancing' sellers of OTM Calls >50k have created a surprisingly flat OTM Call skew given the ATH breach; MMs are saturated with upside Calls.
This presents an efficient way to take profits + roll-up Call exposure.

4) Asia-hours allowed a cooling-off period; BTC spot retrace from the highs and Implied Vols have drifted lower on relatively low Options volume.

Options term-structure remains in backwardation, expecting further moves in-line with 10d Realised Vol >125%.

Beware the unexpected.