Analysis: The crypto market started the week under pressure, with rising demand for derivatives risk hedging

Odaily Planet Daily News: The crypto market started the week under pressure, continuing the recent downward trend. Derivatives data shows a clear shift towards risk aversion sentiment. Although Bitcoin has fallen about 2.8% in the past 24 hours, the price remains significantly above the previous low of around $60,000 and is currently fluctuating below $70,000. There is still disagreement in the market whether this is the start of a deeper bear market or if it is approaching a cyclical bottom. The options market also reflects a defensive stance, with the proportion of call options dropping to 48%, and the implied volatility structure showing an extreme inverse pattern. Short-term IV has risen to about 85%, significantly higher than the long-term level of around 50%, indicating a surge in demand for short-term downside protection. (CoinDesk)