The Bitcoin options market is exhibiting a strong defensive posture, with investors paying record premiums for downside protection, according to VanEck. The put/call open interest ratio has climbed to 0.84, the highest since June 2021. Over the past 30 days, spending on put options reached approximately $685 million, while call option premiums fell by about 12% to $562 million. Additionally, realized volatility has decreased from around 80 to 50, and futures funding rates have dropped to 2.7%. Historical data suggests that such option skews often occur at market lows, with Bitcoin's 90-day average return historically around 13% and 360-day return approximately 133% over the past six years.