Interesting what is happening now in the Bitcoin market. The price is rising, but I notice that the implied volatility on longer-term options is dropping significantly. This is not the usual movement. According to what I read, the decrease in put pressure is mainly related to the fact that tensions between the United States and Iran are easing, so the market is relaxing its guard on geopolitical risks. Less fear of escalation, less protection needed. The volumes in the order books and block trades are fairly balanced, most positions are concentrated in the coming months. It seems that the big players are repositioning themselves with a more shared view on the future trend. The idea that volatility will stay low is becoming the dominant consensus in the crypto market. We will see if it holds.