As Bitcoin's price continues to rebound, the implied volatility (IV) of major-term options is actually decreasing. At the same time, Skew is showing a noticeable positive bias. The main reason behind this phenomenon is the gradual easing of military tensions between the U.S. and Iran, which has reduced market concerns about war risks, leading to a significant drop in the price of put options. Order books and block trades are relatively balanced, with most trades concentrated in the current and next month. The market is readjusting its position layouts, and a consensus is forming among major participants regarding future market trends—low volatility expectations are becoming the mainstream view.