Recent market analysis shows that BlackRock's IBIT has maintained a bearish sentiment for two consecutive months, with traders heavily favoring protective put options over bullish calls. This sentiment has generated caution among investors, indicating a risk-averse outlook since July. IBIT's price has struggled to rise above the $70 mark, recently forming a lower high at $66, which signals weakening buying pressure and a potential bearish trend. Additionally, every wallet cohort from small holders to large whales is currently distributing their holdings, putting additional pressure on Bitcoin, which has stagnated around the $112,000 level as significant sell-offs persist. Long-term holder metrics reveal a decline in supply, suggesting a shift in market dynamics, further complicating the current landscape for cryptocurrencies, particularly Bitcoin and associated ETFs.

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