Market bullish sentiment has cooled as Bitcoin, Ether, and other major crypto assets have come under recent pressure, but the options market has not shown clear signs of panic hedging. According to Odaily, Bitcoin's 7-day skew fell to -0.45 volatility points, below the roughly -4.41 typical level seen over the past year, indicating put option prices remain relatively low. 10x Research said put option demand has increased recently, but it is still unclear whether this reflects short-term hedging or a new market phase.