Analysis: Bitcoin options sentiment turns bearish, market expectations for a drop below the $80,000 level increase

As the funds from the spot Bitcoin ETF continue to flow out, the Bitcoin options market is showing clear bearish signals, and the market's expectation of BTC breaking below $80,000 has increased.

In the derivatives market, the Bitcoin options delta skew indicator once rose to 17%, reaching a more than one-year high, significantly higher than the typical level of no more than 6% in a neutral market, reflecting extreme risk-averse sentiment. Additionally, the total open interest in Bitcoin futures has dropped to $46 billion, a significant decrease from the $58 billion high three months ago, indicating that excessive leverage is being gradually cleared. Overall, the sentiment in the Bitcoin derivatives market is cautious, and analysts believe that whether Bitcoin can regain a position above $87,000 may depend on whether market risk appetite can recover after a reduction in macroeconomic uncertainty.