Analysis shows that Bitcoin options sentiment has turned bearish, with the market's expectation of a drop below the $80,000 level increasing

As the funds continue to flow out of the spot Bitcoin ETF, the Bitcoin options market is releasing clear bearish signals, and the market's expectation of BTC breaking below $80,000 has increased.

In the derivatives market, the Bitcoin options delta skew indicator once rose to 17%, reaching a new high in over a year, significantly higher than the typical level of no more than 6% in a neutral market, reflecting extreme risk-averse sentiment. Additionally, the total open interest in Bitcoin futures has dropped to $46 billion, a significant decrease from the $58 billion high three months ago, indicating that excessive leverage is being gradually cleared. Overall, the sentiment in the Bitcoin derivatives market is cautious, and analysts believe that whether Bitcoin can regain a position above $87,000 may depend on whether market risk appetite can recover after easing macroeconomic uncertainties.