The sentiment around Bitcoin is getting heavier by the day. Market participants are increasingly positioning themselves for a potential downturn, with bearish traders gaining ground. Recent derivatives data suggests that the probability of BTC trading below $90,000 by year's end has climbed significantly.

What's driving this shift? A combination of factors seems to be at play. Weakening spot demand, persistent macro headwinds, and profit-taking from early bulls are all contributing to the current risk-off mood. Options markets are reflecting this pessimism—put contracts are seeing elevated interest, and implied volatility curves are tilting downward for year-end strikes.

Of course, crypto markets have a history of defying expectations. But right now, the bears are in control, and traders are pricing in scenarios that were considered unlikely just weeks ago. Whether this outlook holds or flips depends on how upcoming catalysts—regulatory clarity, institutional flows, or macro data—unfold in the coming months.