The options market shows that traders are taking defensive positions, with increased demand for put options that allow the sale of Bitcoin at a set price. Traders are paying more for downside protection, indicating uncertainty and potential volatility in either direction. Demand for call options, which allow the purchase of Bitcoin at a fixed price, has weakened. There are contradictory signals in the market, with some traders positioning for a potential price rebound. Overall, the defensive tone in Bitcoin trading reflects broader market sentiment, with investors bracing for the upcoming Consumer Price Index report and its potential impact on risk assets.



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