TechFlow News, January 31: According to Cointelegraph, as capital continues to flow out of spot Bitcoin ETFs, the Bitcoin options market is sending a clear bearish signal, and the market’s probability expectation of BTC falling below $80,000 has risen. In the derivatives market, the Bitcoin options delta skew indicator surged to 17%, hitting a more-than-one-year high—significantly above the neutral-market level of typically no more than 6%—reflecting extreme risk-aversion sentiment. Additionally, total Bitcoin futures open interest has declined to $46 billion, down markedly from the $58 billion peak recorded three months ago, indicating that excessive leverage is being gradually unwound. Overall, sentiment in the Bitcoin derivatives market remains cautious; analysts suggest whether Bitcoin can reclaim levels above $87,000 may hinge on whether market risk appetite rebounds following a moderation in macroeconomic uncertainty.
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