Ethereum's implied volatility has been declining across all term structures, according to a tweet from Laevitas. The one-week term has returned to levels last seen in mid-January, while terms ranging from one month to 365 days are at their lowest since late January. Previously, the implied volatility of ETH had spiked due to the reclosure of the Strait of Hormuz and escalating tensions in the Middle East. However, volatility has since compressed along the curve, with the one-week term dropping approximately 24 volatility points from its April peak, and the one-month term decreasing by about 11 volatility points.