Bitcoin's options market has seen a significant reduction in volatility expectations, according to Glassnode's latest report. The ATM implied volatility has decreased to 48%, indicating a reduced likelihood of an imminent crash. The DVOL index has dropped by about 10 points, and the volatility risk premium has turned positive, suggesting short-term options are trading at a premium. Despite these changes, the market remains cautious. The 1-week 25-delta skew has increased to 14 points, reflecting a continued focus on downside risk. Put options dominated trading last week, accounting for two-thirds of activity, with put buying at 34%. Dealers are short gamma in the $58K–$70K range, which could lead to sharp downside moves, though a gamma cluster near $75K suggests potential for a rebound. Overall, while panic pricing has eased, the market's defensive stance and structural fragility suggest caution against bottom-fishing.