The selloff has triggered demand for protective options plays, pushing the fear gauge higher. Bitcoin fell to about $63,000, its lowest level since February, and is down more than 14% this week and 21% over the past four weeks. The sell-off has driven 30-day implied volatility to its highest level since early April and prompted 13 straight days of outflows from U.S.-listed spot bitcoin ETFs, signaling waning institutional demand. Analysts say a lack of fresh catalysts, rotation of liquidity int…
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