Bitcoin has stabilized around $71,000, easing recent downside risks as the market prepares for the quarterly options expiry. Implied volatilities (IV) for major maturities have decreased significantly, with short- to medium-term IVs dropping over 5% from their peaks and more than 3% in the past two days. Ethereum's IV has also seen a notable decline, falling over 8% from its peak and more than 5% since two days ago. Market skew has rebounded, indicating a shift in sentiment as many put positions established during recent market turmoil are being closed. This has restored a balance between bearish and bullish forces. With over 40% of options set to expire this Friday, the strongest resistance level remains at $75,000.