Options data from Deribit reveals that put options for Bitcoin (BTC) and Ethereum (ETH) remain more expensive than call options, highlighting ongoing market concerns about downside risks. Analysts note that the demand for downside protection has made call options cheaper for bullish investors. In the past 24 hours, bearish strategies, including put spreads and volatility bets, comprised nearly 50% of large-volume Bitcoin options trades. For Ethereum, traders are favoring "iron condor" strategies, which aim to capitalize on range-bound price movements. Despite these bearish trends, the 30-day implied volatility indices for both Bitcoin and Ethereum remain at multi-month lows, indicating a lack of panic in the market.