Bitcoin has returned to 66K, which is a positive sign—it has reached a two-month high but has also entered the trading range seen at the beginning of the year. Implied volatility across major maturities has remained largely unchanged, with all year-to-date IVs staying below 40%; investors have already adapted to this extremely low-volatility market. Only during the sharpest decline in February did implied volatility for major maturities exceed 50%; for most of the year, it has remained below 45%. This may well be the new steady state for cryptocurrency options. This week, I plan to collaborate with AI to conduct an analysis comparing changes in implied volatility over the years, using a somewhat outdated approach to assess how far the bear market has progressed based on these figures.(Greeks.live)