Glassnode, in an article published on the X platform, stated that options market data shows market sentiment turned cautious as Bitcoin retested the $90,000 level. Implied volatility rose as prices moved towards $94,000, then declined as prices stalled, indicating that volatility sellers intervened after momentum weakened. Furthermore, the volatility risk premium remains positive, favoring volatility sellers. Options flows over the past 24 hours show that buy-put options accounted for nearly 30% of trades, reflecting increased demand for downside insurance and hedging ahead of price weakness and key US macroeconomic data releases, rather than anticipating a trend breakout.