BlackRock's Bitcoin ETF (IBIT) reveals growing market apprehension.

For two consecutive months, a bearish put bias has dominated trading, indicating a significant shift towards risk aversion. This cautious sentiment, marked by traders consistently favoring protective puts over bullish calls since July, coincides with a stalled price uptrend. IBIT has repeatedly failed to break above $70, recently forming a "lower high" at $66, suggesting weakening buying pressure and the potential for a bearish reversal.

This mirrors a similar period of bearish sentiment earlier this year, which preceded sharp price declines.