Risk hedging has decreased sharply despite #Bitcoin's ongoing correction.

During the sharp declines in February and June, the Put Implied Volatility (Put IV) options market surged as investors pumped insurance into their portfolios.
However, in the current correction, the July Put IV has barely increased significantly, indicating that risk hedging demand has cooled down even though BTC is still trading below its peak.
This reflects a significant shift in market sentiment:
1 - Selling pressure from the threat has weakened.
2 - Investors are unwilling to pay premiums to protect against another drop.
3 - The market is beginning to view the current price range as a rebirth phase by initiating a deep downward cycle.
When fear subsides but prices haven't recovered, the market typically enters a consolidation phase, which is also when long-term buy positions are often established before a new catalyst emerges.
In other words, the market is gradually becoming more resilient to corrections, instead of being as chaotic as it was a few months ago.