Bitcoin's put/call ratio has surged to a one-year high, reflecting a sharp increase in demand for downside protection via put options. This bearish sentiment is compounded by persistent outflows from spot Bitcoin ETFs, which have drained liquidity from the market. Despite a notable decline in oil prices—a factor that typically supports risk assets—Bitcoin has failed to rally, remaining under pressure. Analysts warn that if ETF outflows continue and the options market maintains its current skew, a drop to the psychological $55,000 level becomes increasingly probable. The combination of rising put demand and capital outflows highlights the structural weakness in Bitcoin's current price action, suggesting that bears are positioning for a significant correction.
