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According to ChainCatcher, a report from 10x Research indicates that the bitcoin options market had already issued warning signals prior to the recent price correction. Data shows that the short-term options volatility curve is steep, with investors increasing their hedging demand for near-term risks, while long-term expectations remain relatively stable. Since the liquidation event, options skew has shifted significantly towards bearishness, reflecting increased demand for put options and hedging activities. The report points out that currently, bitcoin implied volatility remains higher than realized volatility, which is favorable for sellers’ strategies; meanwhile, ethereum implied volatility has fallen below realized volatility, creating more opportunities for buyers. Trading flows indicate that bitcoin investors are selling call options to generate income, while ethereum traders are defensively buying put options. 10x Research believes that shorting bitcoin short-term options volatility and positioning for long-term ethereum exposure can capture opportunities from time decay and volatility mean reversion.

ChainCatcher reported that asset management company VanEck stated that the recent pullback in bitcoin prices is a normal mid-cycle correction, rather than the beginning of a new bear market. VanEck pointed out that current market leverage levels have returned to normal, on-chain activity continues to rise, and liquidity is still driving the current cycle forward.