As Bitcoin's price continues to rebound, the implied volatility (IV) of major expiry options is actually decreasing, with the skew showing a clear positive bias as IV declines. The main reason for this phenomenon is that the military conflict between the US and Iran is gradually easing, and market concerns about war risks are diminishing, leading to a significant drop in the prices of put options.

The order book and large trades are relatively balanced, with most transactions concentrated in the current month and the next month. The market is readjusting its position layout, and major participants are reaching a consensus on the future market outlook—low volatility expectations are becoming the mainstream.