Deep Tide TechFlow News: On March 20, according to DL News reports, VanEck's latest Bitcoin on-chain report shows that Bitcoin options traders' bearish sentiment has reached a five-year high. Last month's put/call ratio peaked at 0.84 with an average of 0.77, placing it in the most bearish 9% range since mid-2019. The total open interest in options has surpassed $33 billion. Meanwhile, put option premiums have also reached historic highs, indicating that institutional investors are buying downside protection on a large scale.

Analysts point out that the current extreme defensive stance may stem from macroeconomic factors such as escalating Middle East tensions, regulatory risks, and liquidity concerns. However, some argue that historically, peaks in bearish sentiment often signal a market bottom at a stage.