Bitcoin's price volatility surged on Monday, fluctuating between $64,270 and $66,300, as market liquidity remained low. Despite this, leverage demand in the derivatives market stayed weak, with total open interest in crypto futures below $100 billion for the second week. Investors shifted focus to futures linked to traditional assets, with Tether Gold open interest rising 14% in 24 hours. Amidst this backdrop, traders increasingly sought Bitcoin put options, with strike prices at $58,000, $60,000, and $62,000, driven by uncertainty over Trump's tariff plans. Both Bitcoin and Ethereum put options traded at a premium to call options, highlighting persistent downside risks in the market.