Following the February 28 US–Israel airstrikes on Iran, BTC fell to $63K, with the 1W 25-delta risk reversal dropping to around −15 vols as downside protection demand surged. As BTC rallied to $74K on March 4, the 1W 25-delta RR recovered to −3.5 vols. With BTC now trading near $67K, the 1W 25-delta RR has moved lower, with puts trading roughly 11 volatility points premium over calls.