I just looked at the data on Bitcoin options, and it looks quite grim. The puts have reached a record premium, which usually means one thing — the market is in panic. VanEck published an observation that the average value of protective positions is skyrocketing. When investors are massively hedging against a decline, it’s a serious warning sign. Apparently, major players are preparing for the worst-case scenario. Interestingly, the premiums on puts are hitting new highs — this is not an ordinary occurrence. It seems the market is truly tense, and the average value of these indicators suggests that fear has peaked. We need to watch how this will unfold.