NATO Secretary-General Mark Rutte stated the alliance will defend Turkey, reaffirming Article 5’s mutual defense obligation. The probability of a US withdrawal from NATO by April 30 is 0.5% YES, with little change in sentiment.

Rutte’s statement came as NATO faces ongoing Russian aggression and questions about alliance cohesion. The April 30 contract is flat at 0.5% YES with seven days until resolution. The June 30 contract dipped to 4.8% YES, down from 5% yesterday, a minor decrease in perceived risk of US withdrawal.

Rutte’s comments likely reassured traders, keeping the near-term probability of a US exit low. The spread from April to June is just 4 points, which means traders see minimal risk of a dramatic shift in US-NATO relations over the next few months.

Volume over the past 24 hours was $1,026 in USDC, and the market requires only $3,107 to move the price 5 points. Even modest trades can shift the price at this liquidity level. The largest single move was a 1-point drop in the June 30 contract yesterday, likely tied to Rutte’s statement.

Turkey’s position as a NATO member with direct strategic exposure to Russia makes a US withdrawal more costly. For a YES bet to pay off at 0.5¢, you would need to believe a major policy reversal is imminent, something the market prices as near-impossible.

Watch for shifts in US foreign policy rhetoric or European defense spending commitments. Rutte’s planned meetings with US officials next week could move market expectations.

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