Implied volatility's been bleeding out across the board—short-dated, long-dated, doesn't matter. What's that telling us? Market participants aren't exactly rushing to grab protection or pile into leveraged bets right now. Price swings? Probably staying in a tight range for a while.

Here's the twist though: Open interest is still heavily tilted toward call options. But with IV dropping at the same time, this isn't aggressive positioning. Think of it more like dormant bullishness—people holding contracts but not exactly betting the farm. The conviction just isn't there yet. Traders are watching, waiting, not fighting.