Bitcoin's unusually calm trading conditions may still be a poor setup for volatility buyers, even though implied volatility is near multi-year lows. Glassnode co-founder Rafael Schultze-Kraft said BTC implied volatility sits in the bottom 2% of its historical distribution, yet the options market is still pricing swings at roughly 1.5 times realized volatility, meaning traders have been paying more for volatility than the market has actually delivered. He warned that "cheap vol" does not automatically mean good value and said recent buyers of volatility have not made money despite the low-cost backdrop. Glassnode's "vol value trap score" has reached 91 out of 100, its highest level in more than 3.5 years, underscoring what he described as a potential "low-volatility trap" in which options appear inexpensive in absolute terms but remain unattractive relative to actual price action. Historically, similar periods of compressed volatility have often preceded a later expansion in market swings, though the direction depends on capital flows, macro conditions and other catalysts.