Analysis: Macroeconomic uncertainty is dragging down Bitcoin

ChainCatcher news, Glassnode published analysis, macroeconomic uncertainty continues to weigh on Bitcoin's performance, with gold outperforming Bitcoin by over 20% in the past week, partially taking away its "store of value" status.

The options market shows a clear shift in investor sentiment, with Bitcoin's short-term volatility soaring to 50, as traders pay high prices for immediate protection. The market structure leans defensive, with strong demand for put options and the cost of downside protection exceeding the exposure to upside risk. Nevertheless, capital flows remain relatively balanced, with some accounts reducing protective positions, while some investors sell volatility during the downturn and others selectively buy cheap call options, indicating that the market is cautious but not entirely one-sided.