CoinVoice has learned that Glassnode posted on the X platform that options market data shows that as Bitcoin retests the $90,000 level, market sentiment has shifted to caution. Implied volatility increased during the move towards $94,000 and then declined as prices stagnated, indicating that volatility sellers are entering as momentum weakens.

Additionally, the volatility risk premium remains positive, favoring volatility sellers. The options flow over the past 24 hours shows that nearly 30% of trades involved buying put options, reflecting increased demand for downside insurance and hedging ahead of a potential price weakness and key US macroeconomic data releases, rather than expectations of trend breakdown.