Glassnode: Bitcoin stabilizes as investor panic subsides, funds begin to flow into bullish options
Odaily Planet Daily reports that Glassnode's latest weekly report points out that 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 capital outflows for the sixth consecutive week, setting a record for the longest continuous negative flow since its launch in January 2024. The total redemption amount over the past five weeks has exceeded $2.7 billion. Derivatives data further confirms the decline in risk appetite. During the period from November to December, open interest contracts continued to decline, indicating a reduced willingness to bear market risk, especially after the liquidation flash crash event on October 10. The perpetual contract financing rates have remained neutral, only showing negative values for a brief period, while the financing premium has also significantly retreated, indicating a more balanced market environment and reduced speculation. The sentiment in the options market is cautious, with investors more inclined to sell rather than chase upward space. Earlier this week, as Bitcoin's price approached $80,000, the buying of put options dominated, but as the price stabilized, investor panic subsided, and funds flowed into bullish options.
