Recently, I’ve been looking at data from the options market, and there’s an interesting phenomenon. Although Bitcoin has rebounded from its previous lows, the panic premium is still quite evident and has not dissipated in the options market. It seems that investors are still somewhat worried about the future trend; even though the price has recovered, the demand for hedging against downside risk remains strong. This trend reflects a cautious market sentiment, with many people engaging in risk management. In the short term, this premium may persist, so it’s worth continuing to observe how it develops.