Bitcoin's price rebound is accompanied by a decline in implied volatility (IV) for major term options, while skew shows a noticeable positive bias. This trend is attributed to the easing of military tensions between the U.S. and Iran, reducing market concerns over war risks and leading to a significant drop in put option prices. Trading volumes in both spot and block trades remain balanced, with most activity focused on the current and next month contracts. Market participants are adjusting their positions, reflecting a consensus towards expectations of lower volatility becoming mainstream.