Analysis: Macroeconomic Uncertainty Is Dragging Down Bitcoin

ChainCatcher reported that Glassnode published an analysis stating that ongoing macroeconomic uncertainty continues to weigh on bitcoin's performance. Over the past week, gold has outperformed bitcoin by more than 20%, partially taking over its "store of value" status.

The options market shows a clear shift in investor sentiment, with bitcoin's short-term volatility surging to 50 and traders paying high premiums for immediate protection. The market structure is leaning towards defensiveness, with strong demand for put options and the cost of downside protection exceeding that of upside risk exposure. Nevertheless, capital flows remain relatively balanced, with some accounts reducing protective positions, some investors selling volatility during the decline, and others selectively buying cheap call options, indicating that the market is cautious but not one-sided.