Ending Explained: Caveat

💡 What does the ending really mean?

Isaac discovers that the seemingly catatonic daughter Olga is possessed by her father's vengeful spirit, who hanged himself years earlier. The wind-up rabbit Isaac is forced to wear on a tether is no safeguard but a cunning trap that binds the ghost to the house. In the climax, he realizes the entire nightmare is an elaborate revenge scheme orchestrated by his old friend and Olga herself: he accidentally killed his own daughter long ago and repressed the memory. The father's ghost drags him to the cellar and murders him. The ending turns the isolated island and house into a literal prison of guilt, with the mechanical rabbit symbolizing repressed trauma that, once wound, cannot be stopped. There is no redemption or escape, only an eternal loop of psychological horror in which the damned are condemned to relive their crimes forever.