PANews reported on March 23 that BIT stated in its analysis today that while the spot price of Bitcoin has not yet fully reflected this change, the options market has already reacted—implicit volatility has risen significantly, and demand for downside protection continues to increase. Over the past week, put options accounted for 29% of Bitcoin options trading, and an even higher 37% for Ethereum, indicating a clear shift towards defensive positions. Behind this position adjustment lies traders' deep concerns about geopolitical tensions: inflationary pressures may persist longer and their impact may extend beyond oil prices to a wider range of growth-sensitive assets.
Therefore, continuously monitoring changes in market positioning remains crucial, especially in the options market. Compared to spot trading, options tend to reflect shifts in risk appetite among quick-money accounts and tactical funds earlier. Although overall trading volume remains relatively low, market participants are not letting their guard down and are actively managing tail risk. It is worth noting, however, that Bitcoin continues to outperform other risk assets.

