Summary in one sentence:

The current volatility risk premium of BTC is still slightly negative, indicating that the market's expectations for future volatility remain relatively moderate, and option sellers have not received significant risk compensation, with overall volatility sentiment slightly below neutral.

From the end of October to the beginning of November, the VRP was below 0 for most of the time (-6% to 0%).

This indicates that during this period, implied volatility < realized volatility.

The market's option prices (I) have relatively underestimated the actual market volatility (RV).

In recent days (early November), the VRP has returned to slightly negative near 0, meaning:

1. Market volatility sentiment tends to balance, and option pricing is closer to actual volatility.

A rapid rebound to positive territory indicates that the market is repricing risk, which typically suggests an increase in concerns about future volatility (possibly driven by events or expectations).

Currently, near zero and slightly negative, the market is temporarily calm, but may be in a stage where "volatility is about to be repriced." $ETH $BTC $SOL #加密市场回调