BTC rebounded and remained oscillating at 71,000 USD, with the risk of a decline temporarily eased. IV across all major tenors showed a clear decline, with BTC medium-to-short-term IV down more than 5% from its peak and down more than 3% compared to two days ago. ETH medium-to-short-term IV declined more than 8% from its peak and down more than 5% compared to two days ago.

Skew staged a broad rebound, with many bearish put options established during the crisis being closed out, and bearish and bullish forces returning to a rebalanced state. This Friday is the quarterly settlement day, with more than 40% of options expiring. Currently, the most concentrated 75,000 USD level remains a strong resistance level, and it will be difficult to break through in three days' time.