Recent trends in Bitcoin options indicate an increase in demand for downside protection, fueled by global economic uncertainties rather than an immediate risk of a price collapse. The put-to-call ratio has surged to 90%, reflecting a growing inclination among traders towards neutral-to-bearish strategies as macroeconomic factors create apprehension in the market. Bitcoin has failed to recover the $115,500 threshold, with warnings that bears might exploit this moment to drive prices down. Furthermore, the skew of put options trading at a higher premium than call options has reached its highest level in four months, suggesting traders are willing to invest more to mitigate risks amid disappointing earnings reports from leading companies. Despite heightened caution, data does not imply that traders are actively betting on a significant drop to $110,000. The market's resilience is indicated by steady futures premiums that remain within neutral territory, demonstrating that professional traders are not positioning for a crash, but rather hedging against ongoing uncertainties in global markets.

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