Bitcoin soared to a record high of $126,198.17 on October 6, 2025, before retreating to approximately $110,000 due to escalating US-China trade tensions. Despite the rally, institutional investors exhibited caution, as evidenced by increased demand for put options and a put-call ratio exceeding 1.0 on October 9, signaling hedging strategies in anticipation of a market downturn. Blockchain analytics firm Glassnode noted that implied volatility remained low at 38–40%, indicating that institutional traders were either already positioned for the price movement or reluctant to invest in further upside potential. This cautious stance reflects broader market uncertainties amid geopolitical developments.