Bitcoin has dropped below the $90,000 mark as the cryptocurrency market experiences increased risk aversion, mirroring trends in traditional markets. Data shows Bitcoin's 30-day implied volatility rose to 44.34, while open interest fell by 3.25% to $28.3 billion, indicating profit-taking by short-position traders. Despite the selloff, funding rates have remained positive. In related developments, Zcash's open interest decreased by 2.5%, while its price rose by 1.5%, suggesting a reduction in bearish positions since January 8. This shift highlights a broader trend of traders adjusting their strategies amid the current market conditions.