Today, the Deribit BTC index hit a low of $70,992, with the price nearing the key $70,000 level. This spot is not only a psychological threshold but also a dense zone for options positions. From the options data: Near-term ATM IV is around 30%, and volatility hasn’t seen an extreme panic spike, indicating the market isn’t pricing in a unilateral crash but is more like waiting for a directional breakout. Last month, the 72K level was the Gex dense zone before expiration, and after expiration, the 70K strike price became the new Gex dense zone, with positions clearly concentrated. This means the $70,000 level is both a key support to watch and a concentrated defensive line for shorts/protective puts. The IV for puts below this level is noticeably higher, and skew is trending downward overall. The market is paying a higher premium for tail-end downside risks, showing that capital hasn’t relaxed its defensive stance. On the upside, call walls are concentrated at 80K, 90K, and 100K, with long-term bullish positions still strong, but in the short term, holding $70K is critical. Summary: If $70K holds effectively, we might see IV drop and spot price recover in the short term. If it breaks and fails with high volume, demand for protective puts could push short-term IV higher, and the price may test the $68K / $65K range. $70,000 is the dividing line in this BTC options market cycle—if bulls hold it, we’re looking at consolidation and recovery; if not, volatility will be repriced.