Options traders are increasingly bearish, anticipating further declines in Bitcoin following a significant market liquidation, which erased $1.65 billion in long positions. Despite Bitcoin's drop, implied volatility remains low, suggesting traders are not expecting extreme fluctuations just yet. However, there has been a notable increase in put-buying, indicating that traders are preparing for continued downward pressure in the market. Analysts report a heightened demand for puts, reflecting market apprehensions about ongoing price drops. While the immediate outlook appears concerning, experts believe that long-term positioning remains bullish, predicting an upward trend over the next three to six months. This optimism may be linked to the overall market sentiment that the year's final quarter could see a recovery, particularly for Ethereum, which may outpace Bitcoin in gains if prices shift.

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