Definition. A heatmap of model-interpolated implied volatility across moneyness buckets at a fixed 6-month tenor for the IBIT ETF. The vertical axis represents moneyness buckets ranging from deep out-of-the-money puts to deep out-of-the-money calls.

Technical. Each cell shows the implied volatility at the given moneyness bucket for 6-month expiries, obtained via interpolation across strikes and maturities. IBIT options follow US equity market hours (9:30 AM to 4:00 PM ET, Mon to Fri), so data appears flat outside trading sessions and on weekends and holidays.