A Bitfinex report indicates that Bitcoin's 30-day implied volatility (IV) has fallen to approximately 42%, a near three-month low and a significant drop from the high of around 56% in January-February 2026. Furthermore, the market has experienced negative funding rates for 26 consecutive days, coupled with declining option prices, creating a clear structural asymmetry. If the Bitcoin spot price effectively breaks above the $80,100 level, a target price for short-term holders, the cost of short positions will increase significantly. Currently, the options market has not fully priced in this scenario, suggesting that call options may be systematically undervalued.