Bitcoin's implied volatility just hit a multi-month floor—traders call it a "meltdown" as the market flatlines on macro uncertainty. Meanwhile, the narrative's flipping on smaller cap names: Zcash (ZEC) and Aave (AAVE) are running hot, each clocking north of 9% gains while BTC holds steady. Classic divergence play—when the king consolidates, the alts hunt for breathing room. Worth tracking whether this pattern holds or snaps back.