According to CoinMeta, and as reported by The Block, options pricing for derive indicates that the probability of Bitcoin closing below $70,000 on Christmas has risen from 15% last week to 31%, while the probability of closing above $80,000 has decreased from 53% to 26%. The founder of derive and also CEO Nick Forster stated that traders are shifting to a defensive stance. Last week, the trading volume of Bitcoin options on the platform amounted to $418 million, representing a 37% increase, with put options accounting for 55% of the trading premium, up from 36% the previous week. Vetle Lunde, the head of research at K33, mentioned that the open interest in Bitcoin perpetual futures was around 353,000 contracts on Tuesday, which represents a 12% increase over the past 30 days, despite Bitcoin prices falling by 10% during the same period.