Jeff Park, CIO of ProCap and advisor to Bitwise, has analyzed the current Bitcoin options market, highlighting a significant scale of open interest in put options expiring at the end of December. This positioning suggests some market participants are actively hedging against potential downside risks toward the year's end. Park further noted that Bitcoin's implied volatility remains suppressed, having not exceeded 80% since the FTX collapse. He observed that volatility metrics have effectively returned to pre-ETF listing levels, despite the notable accumulation of open interest in derivatives. Parallel to this technical data, market sentiment indicators are now flashing bearish signals which some analysts interpret contrarily. Trader DEG highlighted reports that the Bitcoin Fear & Greed Index has reached a state of "extreme pessimism." Historically, such extreme negative sentiment can sometimes signal a market bottom, presenting a contrast to the cautious positioning seen in the options market. [Update 1] Added information regarding the 'extreme pessimism' reading on the Fear & Greed Index and commentary from Trader DEG, contrasting the low volatility environment with bearish sentiment.