Bitcoin's price surged to $72,000 following geopolitical developments involving Trump and Iran. Despite the price increase, options indicators suggest a lack of sustained bullish sentiment. Implied volatility across major option tenors has declined, and the skew has become less negative due to the price surge. Rising realized volatility has also led to a decrease in the volatility risk premium. Key option metrics indicate that while the breakout above $70,000 has improved market sentiment, it primarily alleviates fears of a black swan event rather than signaling expectations of continued price growth.