02 May 2023

The stars are aligning for a volatile May

Banking turmoil, FOMC, Silk Road BTC, DCG and the debt ceiling
Ahead of the curve (25)

In Short

In this report, we highlight the previous volatility effects of the FOMC, explore the "Sell in May and Go Away" thesis, and discuss the forces destined to impact the market in May.


  • BTC up 2%, ETH down 1% -> But intraday volatility reigns high
  • Active market participant share on CME falls to 40%
  • IVs falling to 50
  • 12-month low OI in BTC Perps on Thursday
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