Glassnode: After Bitcoin stabilized, investor panic subsided, and funds began flowing into call options.

Odaily Planet Daily reports that Glassnode's latest weekly report points out similarities between the current market situation and the early stages of the 2022 bear market (also known as the crypto winter). ETF demand continues to weaken, with IBIT experiencing outflows for the sixth consecutive week, marking the longest streak of negative outflows since its launch in January 2024, with total redemptions exceeding $2.7 billion over the past five weeks. Derivatives data further confirms the decline in risk appetite. Open interest continued to decline between November and December, indicating a decrease in market risk tolerance, especially after the liquidation flash crash on October 10th. Perpetual contract funding rates remained largely neutral, only briefly turning negative, while funding premiums also fell significantly, suggesting a more balanced market environment and reduced speculation. Options market sentiment is cautious, with investors preferring to sell rather than chase gains. Earlier this week, as Bitcoin prices approached $80,000, put option buying dominated, but as prices subsequently stabilized, investor panic subsided, and funds flowed into call options.