BTC rebounded and maintained oscillations around $71,000, with the downside crisis temporarily lifted. IV across all major tenors showed significant declines, with BTC medium-term IV dropping over 5% from peak levels and over 3% compared to two days ago. ETH medium-term IV fell over 8% from peak levels and over 5% compared to two days ago.

Skew rebounded comprehensively, with many bearish options positions established during the crisis being closed out, restoring balance between bearish and bullish forces. This Friday marks the quarterly expiration with over 40% of options expiring. The most concentrated resistance level remains at $75,000, which will be difficult to break through in three days' time.