Glassnode: The volatility of Bitcoin front-end options trading is about 50, with traders seeking downside protection paying a higher premium.

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On October 17, Glassnode released a market analysis indicating that macro uncertainty continues to weigh on Bitcoin. Over the past week, gold has outperformed Bitcoin by more than 20%, taking away some of Bitcoin's asset preservation value, and the options market reflects this shift in sentiment. Overnight price movements have triggered a sharp rise in short-term volatility. The trading volatility of Bitcoin's front-end options is currently around 50, indicating that traders are paying a higher premium for immediate protection against market downturns. BTC has recently shown a tendency to behave more like a macro asset rather than a risk-hedging asset, strongly favoring put options. The cost of downside protection remains higher than the upside risk exposure, reflecting the market's ongoing defensive inclination.

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