The Bitcoin options market is exhibiting bearish sentiment as outflows from spot Bitcoin ETFs continue. The delta skew indicator in the derivatives market surged to 17%, a multi-year high, indicating heightened risk aversion compared to the typical 6% level in a neutral market. This shift suggests increased expectations that Bitcoin could fall below $80,000. Additionally, total open interest in Bitcoin futures has decreased to $46 billion, down from a peak of $58 billion three months ago, reflecting a reduction in excessive leverage. Analysts note that Bitcoin's ability to reclaim levels above $87,000 may hinge on a recovery in market risk appetite following the resolution of macroeconomic uncertainties.