Instead of shorting VOL on the spot value, you can short it on the equity instead (BTC Miners) They are often well over 100% IV. I built many quasi-synthetic stocks that way around the time BlackRock did a 180 on their anti-crypto stance. I was waiting for them to eventually sing a different tune, it's pretty much inevitable. Even Peter Schiff has 'started' to flip, and many expected him to roll over in his grave before that ever happened.