VanEck: Bitcoin miners maintain a "mine and sell immediately" status, options market defensive signals reach peak

Matthew Sigel, Head of Digital Asset Research at VanEck, stated on social media that the average price of Bitcoin dropped by 19% on the 30th, but the spot price has stabilized. Market volatility has significantly decreased, with realized volatility falling from 80% to 50%, and the futures funding rate dropping from 4.1% to 2.7%. On-chain activity has cooled down, with transaction volume decreasing by 31%, daily average fees reducing by 27%, and the distribution speed of long-term holders slowing down.

On the miner side, they have largely maintained a "mine and sell" strategy, selling almost all newly issued Bitcoins. Defensive sentiment in the options market has peaked, with the ratio of put/call open interest averaging 0.77, reaching a new high since June 2021; the premium of put options relative to spot trading volume has reached a historical high of 4 basis points.