Glassnode has highlighted the fragility of the current crypto market rebound, citing a lack of strong catalysts specific to cryptocurrencies. Despite a stabilization in price trends, the market remains vulnerable. In the options market, Bitcoin trading shows a dominance of call options, with a significant decline in the put/call ratio over the past two weeks, suggesting traders anticipate a year-end rally. However, options trading volume has decreased, reflecting waning confidence in sustaining the upward trend. The net call option premium for the $95,000 strike price has been declining, indicating a lack of upward momentum. Implied volatility across all maturities is also falling, suggesting reduced demand for protective strategies or leveraged buying. The 25-Delta skewness indicator remains positive but in the bearish zone, pointing to potential downside risks. Market expectations for a December rate cut are currently supporting prices, but any shift in these expectations could lead to a rapid repricing of both implied volatility and the spot market.