Bitcoin (BTC) recently hit a new all-time high, but options traders are showing more caution than in previous rallies, according to an analysis of Deribit options data by CoinDesk. "This Friday's expiry saw negative 25-delta risk reversals, indicating higher demand for downside protection via puts," the analysis found. "Similarly, December 27 puts are trading at a higher premium than calls, again reflecting a more cautious market tone." This suggests that some traders are expecting a pullback in the BTC price, despite the recent rally. However, it's important to note that options data can be volatile and should not be taken as a definitive indicator of future price movements.

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