The world’s understanding of Trump is less than 5%. Yesterday, he sought to erase Iran; today, he’s agreeing to a ceasefire—he can no longer justify not holding long positions. Bitcoin rapidly rose to $72K, but implied volatility (IV) across major term options continues to decline, even for expiration-week options. Skew has lessened its negative bias due to the price surge. Meanwhile, rising realized volatility (RV) has caused the previously rebounding volatility risk premium (VRP) to fall again yesterday. From key option metrics, the breakout above $70K clearly boosted market sentiment, primarily alleviating fears of a black-swan-driven crash rather than signaling expectations of sustained price increases.