Bitcoin is currently consolidating between $62,000 and $72,000, marking its fifth consecutive month of decline. Despite the bearish market conditions, Bitcoin options open interest is nearing a record high, poised to surpass last December's peak of 550,000 BTC, highlighting the growing importance of the options market. Implied volatility for Bitcoin has decreased from previous highs but remains elevated compared to last month. The implied volatility for 1-month and 3-month maturities is approximately 47%, about 10 points higher than last month, indicating continued investor demand for protective measures.