Glassnode: After Bitcoin stabilized, investor panic subsided, and funds began to flow into call options.

Odaily Planet Daily News: According to the latest weekly report from Glassnode, the current market conditions are similar to the early stages of the 2022 bear market (also known as the crypto winter). ETF demand continues to weaken, with IBIT experiencing outflows for the sixth consecutive week, marking the longest streak of net outflows since its launch in January 2024. The total redemptions over the past five weeks have exceeded $2.7 billion. Derivatives data further confirms the decline in risk appetite. From November to December, open interest continued to decrease, indicating a lower willingness to take on market risk, especially after the liquidation flash crash on October 10. Perpetual contract funding rates have remained mostly neutral, only briefly turning negative, and the funding premium has also fallen significantly. This suggests a more balanced market environment with reduced speculation. The options market sentiment remains cautious, with investors preferring to sell rather than chase upside potential. Earlier this week, as Bitcoin’s price approached $80,000, put options dominated the market, but as the price subsequently stabilized, investor panic subsided and funds began flowing into call options.