Despite Bitcoin's slight rebound, the options market is showing a phase of preparing for downside risk, according to on-chain analytics firm Glassnode via its official X account. Glassnode stated, "The options market is still undergoing a repricing of risk for BTC. While the volatility index (DVOL) is on an upward trend due to recent price declines, it is not as extreme as during past major market shocks. This indicates increasing uncertainty. As put options are receiving a premium over call options, it appears that many investors continue to demand downside protection. Market makers' hedging activities could further amplify price volatility," it explained.
