Bitcoin's price has stabilized around $110,000 after several unsuccessful attempts to break the $115,000 resistance level. Despite the US Federal Reserve's second rate cut this year, traders are exhibiting caution. Data from the Bitcoin options market reveals a decrease in the BTC Implied Volatility Index, indicating expectations of reduced volatility. Additionally, the 1M Volatility Risk Premium has turned negative, and October saw a low in Put/Call volume, reflecting a lack of strong directional conviction. The 25-delta skew chart further highlights a growing sense of caution as traders hedge against potential price declines.