BTC's recent trend, I'm about to start calling for a short again 😂

On the surface, the price has pulled back from around 63.2k to 64.2k, but a closer look at derivatives data shows that market sentiment isn't as optimistic as the price suggests
The #Delta skew of options has clearly shifted to bearish, with more and more funds beginning to hedge against downside; at the same time, open interest in perpetual contracts has decreased by nearly $5.9 million, indicating some leveraged funds are exiting rather than increasing positions to gamble on a rebound
ATM and far-dated implied volatility are both rising
This suggests that the market generally expects a big move, but combined with the current bearish options structure, I think the downside risk may outweigh the upside
These past two days, $BTC dropped from 64,300 to 63,200, then quickly rebounded, which looks like strong bullish momentum, but could also just be a rebound within a choppy market
At least for now, I haven't seen any clear signals of significant new capital entering
Prices are rising, but funds are on the defensive. Volatility is increasing, yet the market is becoming more cautious
This combination makes it hard for me to be optimistic
Of course, the market is always right, and I could be mistaken
But at this stage, if I have to pick a side, I would lean slightly bearish—let's see if BTC can truly hold above 64k first. Time will prove everything; we should be friends with time
#BTC