Bitcoin repeatedly tests the $90,000 level, and the attitude of the options market is intriguing. When the market surged to a high of $94,000, the ATM implied volatility rose accordingly, but as the price momentum weakened, traders began to enter short volatility positions to bottom fish, causing IV to decline. More notably, the change in the Delta Skew indicator is worth paying attention to— the 1-week Skew has expanded to about 8.2%, indicating that the market's hedging demand for short-term declines is significantly increasing. Interestingly, while the short-term downtrend IV rose along with the price rebound, the uptrend IV showed a clear structural difference. This set of data signals that the market expects potential pullback pressure at the current level.