VanEck: Recent price movements usually indicate that the market is near the bottom rather than the top

Investment firm VanEck pointed out that Bitcoin's real volatility (i.e., based on actual observed price fluctuations) has dropped from 80 to 50 in the past month. But despite the stabilization of prices, traders remain cautious and are willing to pay high premiums to maintain positions that will make a profit if bitcoin prices fall. The report states: "Traders continue to pay high premiums for downside protection. The total premium on buying put options fell 24% month-on-month, but the total premium over the past 30 days was $685 million, still above the monthly observation of 77% since the beginning of 2025." "In the past, when there was such panic in the options market, Bitcoin tended to rebound. While recent price movements can explain the current defensive sentiment, historical experience has shown that this sentiment often indicates that the market is near the bottom rather than the top."