Bitcoin has reclaimed the $71,500 level, with the current crisis abating. Implied volatility across major maturities is rapidly declining, now retreating to levels seen a week ago. The VRP, which had just turned positive, has swiftly shifted back into negative territory. Within a single day, the monthly VRP dropped from +2% to -9%. The widening negative premium trend also indicates that market expectations for future volatility are lower than current levels. While the immediate crisis appears to have passed, the crypto market's extremely weak performance in the first quarter of this year remains unresolved, with market confidence still fragile.(Greeks.live)