I've noticed something interesting lately: Bitcoin continues to rise but the implied volatility on long-term options is decreasing. It seems the market is becoming more calm, especially after the easing of tensions between the United States and Iran. This has significantly reduced concerns about war risks, and as a result, put option prices have plummeted. What stands out is how the sentiment has changed: the volumes in order books and block trades remain balanced, but the focus has shifted to the nearer months. Major players are repositioning their portfolios, and there appears to be a shared opinion on where the market is headed. The idea of low volatility is becoming dominant, almost a consensus among the big players. In crypto in general, this decline in anxiety is visible, as if everyone is waiting for the next move with more calm.