A concentrated bearish bias grips the market
Amid BTC's decline to new lows, downside insurance has become abnormally expensive. Meanwhile, CME participation has collapsed to levels not seen since 2023, while perpetual futures traders are showing renewed signs of elevated risk appetite.
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In Short
Bitcoin remains under heavy pressure after falling below $60,000 and ending the week down 7%. The selloff coincided with a sharp resurgence in ETF outflows, record-low institutional participation on CME, and an exceptionally compressed futures term structure, highlighting a market dominated by defensive positioning.The options market reinforces this picture, with 6-month skew reaching levels previously seen only near the 2022 cycle lows, reflecting exceptionally st
