Bitcoin has retaken the $71,500 level, and the current crisis has been alleviated. Implied volatility for all major tenors is rapidly declining, now back to levels seen a week ago.

The recently positive VRP has quickly turned negative. Within one day, the monthly VRP shifted from +2% to -9%, and the expanding negative premium trend indicates that market expectations for future volatility are lower than current levels.
The crisis seems to be over, but the extreme weakness in the crypto market during the first quarter of this year has not yet reversed, and market confidence remains very weak.