The options market has experienced a slight decrease in implied volatility, with the curve maintaining a moderate positive spread. According to ChainCatcher, there remains a demand for downside hedging, although it has not reached extreme levels. Geopolitical risk continues to be reflected in volatility pricing.
Currently, Bitcoin is neither fully following the high-beta logic of the stock market nor establishing a stable demand for safe-haven assets. The market's movements are primarily driven by news, and a clear trend is expected to form only after macroeconomic or geopolitical situations become clearer.