ATM implied volatility made a sharp run during Bitcoin's push toward 94K, but the momentum stalled and vol started rolling over. Classic setup—once the buying pressure fizzled, volatility sellers moved in to capitalize. The shift tells you something straightforward: traders weren't betting on another quick leg higher. When you see that fade in vol demand right as price loses steam, it's usually the market pricing out further immediate expansion. Worth watching how price reacts if we test those levels again.