Bitcoin is back above $71,500, the current crisis has been resolved, and implied volatility across major timeframes is rapidly declining, now returning to levels from a week ago. The VRP, which had just flipped positive, quickly turned negative. Within a day, the monthly VRP shifted from +2% to -9%. The ongoing trend of expanding negative premiums also indicates that the market expects future volatility to be lower than the present. The crisis seems to be over, but the extreme weakness in the crypto market during Q1 this year has yet to be reversed, and market confidence remains very fragile.