In Options Terms, How Is the Uncertainty of a Hard Fork Similar to Implied Volatility?

Implied volatility (IV) in options pricing reflects the market's expectation of future price movement and uncertainty. A hard fork is a major, high-impact, uncertain event that can cause extreme price swings.

Therefore, the market prices in this uncertainty by demanding a higher premium for options, directly correlating the fork risk with a spike in the cryptocurrency's implied volatility.