Volatility Hits 90-Day Lows as Institutional Hedging Surges

The FOMC May minutes released Wednesday confirmed a two-sided framework with a majority warning hikes may be needed if inflation persists; the 10-year eased back to 4.56% from a 52-week high of 4.687% intra-week, with markets pricing roughly 34% odds of a 2026 hike. NVDA beat strongly ($81.6B revenue, +85% YoY) but the stock fell on buy-the-rumor, sell-the-news; April PCE lands May 28. Inside crypto, BTC and ETH IV compressed further to 90-day lows (0th percentile), VRP unwound from its extreme (BTC 75th, ETH 33rd), and ETH positioning is at a 90-day high crowded long while institutional block flow turned heavy puts.