$27B-$30B of IBIT options OI versus roughly $800M-$900M in CME BTC options is the tell: killing the chart gap does not magically move the vol surface back on-exchange. CME's May 13 filing allows up to seven weekend market makers with continuous two-sided quote obligations, but weekend trades still carry Monday trade dates with clearing and reporting lagging the execution layer. Gap-fill TA gets less useful; basis, borrow, ETF hedge flows, and clearing-member prefunding become the new weekend tape.

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