10x Research: The Bitcoin options market has long indicated this round of pullback, and short-term fluctuations may continue.

According to Mars Finance, a report by 10x Research indicates that the Bitcoin options market had already issued warning signals prior to the recent price pullback. Data shows that the short-term options volatility curve is steep, indicating a rise in investors' demand for hedging against near-term risks, while long-term expectations remain relatively stable. Since the liquidation event, the options skew has significantly shifted towards bearish, reflecting an increase in demand for put options and hedging activities. The report notes that the current implied volatility of Bitcoin is still higher than the actual volatility, favoring seller strategies; meanwhile, the implied volatility of Ethereum has fallen below the actual volatility, increasing opportunities for buyers. Trading flows show that Bitcoin investors are selling call options to secure profits, while Ethereum traders are defensively buying put options. 10x Research believes that opportunities to capture time decay and volatility return can be seized by shorting Bitcoin short-term options volatility and positioning for long-term Ethereum exposure.