{"slug":"crypto-covered-call-etfs","qid":"iv_history","label":"iv_history","post_title":"crypto-covered-call-etfs","post_url":"/blog/crypto-covered-call-etfs#q-iv_history","columns":["month","mstr_iv_pct","coin_iv_pct","spy_iv_pct"],"rows":[{"month":"2024-09-01","mstr_iv_pct":81.2,"coin_iv_pct":68.4,"spy_iv_pct":15.1},{"month":"2024-10-01","mstr_iv_pct":101.4,"coin_iv_pct":86.2,"spy_iv_pct":16.6},{"month":"2024-11-01","mstr_iv_pct":144.6,"coin_iv_pct":86.2,"spy_iv_pct":13.8},{"month":"2024-12-01","mstr_iv_pct":110.8,"coin_iv_pct":74.8,"spy_iv_pct":12.7},{"month":"2025-01-01","mstr_iv_pct":99.1,"coin_iv_pct":76.2,"spy_iv_pct":14.4},{"month":"2025-02-01","mstr_iv_pct":79.1,"coin_iv_pct":70.6,"spy_iv_pct":14.1},{"month":"2025-03-01","mstr_iv_pct":89.3,"coin_iv_pct":73.2,"spy_iv_pct":19},{"month":"2025-04-01","mstr_iv_pct":83,"coin_iv_pct":77.2,"spy_iv_pct":27.2},{"month":"2025-05-01","mstr_iv_pct":67.2,"coin_iv_pct":62.6,"spy_iv_pct":18.5},{"month":"2025-06-01","mstr_iv_pct":51.2,"coin_iv_pct":57.1,"spy_iv_pct":15.9},{"month":"2025-07-01","mstr_iv_pct":51.6,"coin_iv_pct":65.3,"spy_iv_pct":15},{"month":"2025-08-01","mstr_iv_pct":54.8,"coin_iv_pct":55.3,"spy_iv_pct":13.7},{"month":"2025-09-01","mstr_iv_pct":55.3,"coin_iv_pct":55.6,"spy_iv_pct":13.3},{"month":"2025-10-01","mstr_iv_pct":64.8,"coin_iv_pct":68.6,"spy_iv_pct":15.7},{"month":"2025-11-01","mstr_iv_pct":77.1,"coin_iv_pct":64.8,"spy_iv_pct":16.7},{"month":"2025-12-01","mstr_iv_pct":73.8,"coin_iv_pct":54.9,"spy_iv_pct":13.5},{"month":"2026-01-01","mstr_iv_pct":67.6,"coin_iv_pct":57,"spy_iv_pct":14},{"month":"2026-02-01","mstr_iv_pct":83.2,"coin_iv_pct":73.3,"spy_iv_pct":16.4},{"month":"2026-03-01","mstr_iv_pct":73.5,"coin_iv_pct":72.2,"spy_iv_pct":21},{"month":"2026-04-01","mstr_iv_pct":71.5,"coin_iv_pct":76.4,"spy_iv_pct":17.2},{"month":"2026-05-01","mstr_iv_pct":67.9,"coin_iv_pct":69.6,"spy_iv_pct":15.4},{"month":"2026-06-01","mstr_iv_pct":81.5,"coin_iv_pct":70.6,"spy_iv_pct":15.7},{"month":"2026-07-01","mstr_iv_pct":87,"coin_iv_pct":79.2,"spy_iv_pct":14.8},{"month":"2026-08-01","mstr_iv_pct":71.5,"coin_iv_pct":65.8,"spy_iv_pct":13.3}],"shape":"series","sql":"SELECT\n    toString(toStartOfMonth(date)) AS month,\n    round(avgIf(toFloat64(implied_volatility), underlying_symbol = 'MSTR') * 100, 1) AS mstr_iv_pct,\n    round(avgIf(toFloat64(implied_volatility), underlying_symbol = 'COIN') * 100, 1) AS coin_iv_pct,\n    round(avgIf(toFloat64(implied_volatility), underlying_symbol = 'SPY')  * 100, 1) AS spy_iv_pct\nFROM global_markets.options_greeks\nWHERE underlying_symbol IN ('MSTR', 'COIN', 'SPY')\n  AND date >= toStartOfMonth(today() - 730)\n  AND date <  toStartOfMonth(today())\n  AND iv_converged = 1\n  AND volume > 0\n  AND underlying_close > 0\n  AND days_to_expiry BETWEEN 20 AND 45\n  AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.05\nGROUP BY month\nHAVING countIf(underlying_symbol = 'MSTR') > 0\n   AND countIf(underlying_symbol = 'COIN') > 0\n   AND countIf(underlying_symbol = 'SPY') > 0\nORDER BY month","computed_at":"2026-09-25T14:51:08.662057+00:00","elapsed":4.756794318}