As the price of Bitcoin continues to rebound, the IV of major-term options is actually decreasing, while Skew is clearly skewed positively. This phenomenon is primarily due to the gradual calming of the military conflict between the United States and Iran, leading to a decline in market concerns about the risk of war, resulting in a significant decrease in the prices of put options. The order book volume and block trade have been relatively balanced, with most trades concentrated in the current month and the following month. The market has undergone a re-adjustment of its positional strategies, and the main participants have reached a consensus on the expected trends for the future – low volatility is becoming the prevailing trend in the market.