IMO: Wall Street has active strategies in place using delta neutral option and futures strategies against
$IBIT and
$MSTR to remove the artificial volatility from Bitcoin.
This is because they plan to use the commodity as a reserve, as pristine collatoral and that does not work with the volatility manipulated into the price by the unregulated casinos like Binance.
They are using active "pinning" strategies activated around October 10th 2025 once the leverage was removed from the system.
This will be an ongoing battle between Binance and Wall Street. Binance want volatility and make their profits on volatility via liquidating leverage traders and promoting trading volume.
Blackrock and Strategy dont want Bitcoin volatility.
Binance, Okx, Bybit and Coinbase want volatility.
As I said they will fight like dogs until regulations are in place and policed to monitor for artificial manipulation. This explains the urgency to install Market Structure.