Bitcoin has surged back above the $71,500 mark, signaling a potential end to the recent market crisis. Implied volatility across major timeframes has rapidly decreased, returning to levels seen a week ago. The Volatility Risk Premium (VRP), which had just turned positive, has swiftly shifted to negative. Within a day, the monthly VRP dropped from 2% to -9%, indicating a growing trend of negative premiums and suggesting that market expectations for future volatility are lower than current levels. Despite this recovery, the crypto market's extreme weakness in the first quarter of this year remains unaddressed, with market confidence still fragile.