Sterling volatility just hit a remarkable milestone. The 1-month implied vol on GBP/USD has collapsed to levels last seen in February 2020—right before the pandemic turned markets upside down.

This kind of calm in forex usually signals traders are betting on stability, or maybe they're just asleep at the wheel. Either way, it's a stark contrast to the chaos we saw during Brexit peaks and COVID shocks.

For crypto folks? Low vol in traditional pairs often means capital hunts for excitement elsewhere. When fiat sleeps, digital assets tend to wake up.