BIT: Bitcoin options market shifts towards defensiveness, with a significant increase in demand for downside protection.

According to Mars Finance, BIT (formerly Matrixport) released a chart today stating that while the spot price of Bitcoin has not yet fully reflected this change, the options market has already reacted, with implied volatility rising significantly and downside protection demand continuing to increase. Over the past week, put options accounted for 29% of Bitcoin options trading, and even higher at 37% for Ethereum, indicating a clear shift towards defensive positioning. Behind this round of position adjustments lies traders' deep concerns about geopolitical tensions: inflationary pressures may persist longer and their impact may extend beyond oil prices to a wider range of growth-sensitive assets. Therefore, continuously monitoring market position changes remains crucial, especially in the options market. Compared to spot prices, options tend to reflect changes in the risk appetite of quick-money accounts and tactical funds earlier. Although overall trading volume remains relatively low, market participants have not let their guard down and are actively managing tail risk. However, it is worth noting that Bitcoin's performance continues to outperform other risk assets.