As Bitcoin’s price continues to rebound, implied volatility (IV) for major-term options is declining, while skew remains clearly positively skewed. This phenomenon is primarily due to the gradual de-escalation of military tensions between the U.S. and Iran, causing market concerns over war risks to fade and put option prices to drop significantly. Order book and block trading activity remain balanced, with most volume concentrated in the current and next monthly contracts. Market participants are rebalancing their positions, reaching a consensus on future market expectations—low volatility is becoming the dominant market sentiment.