The crypto market started the week under pressure, continuing its recent decline, with derivatives data showing a clear shift towards risk aversion. Although Bitcoin fell approximately 2.8% in the past 24 hours, the price remains significantly higher than its previous low of around $60,000, currently consolidating below $70,000. Market disagreement persists regarding whether the current phase represents the beginning of a deeper bear market or is nearing a temporary bottom. The options market also reflects a defensive stance, with call options accounting for 48% of the total, while the implied volatility structure shows an extreme inverse structure, with short-term IV rising to approximately 85%, significantly higher than the long-term level of around 50%, indicating a surge in demand for short-term downside protection. (CoinDesk)