Bitcoin reached a new peak this week, but options traders are exhibiting greater caution than in earlier surges, as per an analysis of Deribit options data by CoinDesk. "This Friday's expiry witnessed negative 25-delta risk reversals, indicating heightened demand for downside protection via puts," the analysis revealed. "Similarly, December 27 puts are trading at a higher premium than calls, further reflecting a more cautious market sentiment."

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