PANews reported on December 7th that Glassnode's latest weekly report points out similarities between the current market situation and the early stages of the 2022 bear market (also known as the crypto winter). Open interest declined steadily from November to December, indicating a decrease in market risk appetite, especially after the liquidation flash crash on October 10th. Options market sentiment is cautious, with investors preferring to sell rather than chase gains. Earlier this week, as Bitcoin prices approached $80,000, put option buying dominated, but as prices subsequently stabilized and investor panic subsided, funds flowed into call options. Perpetual contract funding rates remained largely neutral, only briefly turning negative, while funding premiums also declined significantly, indicating a more balanced market environment and reduced speculation. ETF demand continues to weaken, with IBIT experiencing outflows for the sixth consecutive week, marking the longest consecutive negative outflow record since its launch in January 2024, with total redemptions exceeding $2.7 billion over the past five weeks. Derivatives data further confirms the decline in risk appetite.


