Bitcoin traders express caution over the cryptocurrency's short-term trajectory, with skepticism about breaking the $120,000 mark by Friday. Instead, a dip to $115,000 is seen as more likely. Many traders are opting for selling put options over buying calls, as U.S. spot ETFs continue to show negative premiums, indicating cautious capital inflows. Market volatility remains compressed, with the DVOL index hitting new lows. Large holders are absorbing market supply, leading to scarce sell orders. Some traders are employing a double-sell grid strategy at $115,000 to collect premiums. Meanwhile, the SEC's approval of ETFs supporting physical redemption offers a new compliant exit strategy for large holders, similar to existing practices in Hong Kong, reducing OTC risks.