VanEck points out that the current Bitcoin options market exhibits significant defensive characteristics, with investors paying a record premium for downside protection. The put/call open interest ratio has risen to 0.84, the highest level since June 2021. Over the past 30 days, put option spending was approximately $685 million, while call option premiums declined about 12% to approximately $562 million. Meanwhile, realized volatility has retreated from approximately 80 to 50, and futures funding rates have dropped to 2.7%. However, historical data shows that similar option skew typically appears at cyclical lows. Over the past six years, this has corresponded to an average 90-day Bitcoin gain of about 13% and a 360-day gain of about 133%. (CoinDesk)