According to @glassnode, Deribit’s Bitcoin DVOL index is near historic lows, with only 2.6% of days recording lower readings (source: @glassnode). @glassnode notes this reflects extreme complacency and limited demand for downside protection in BTC options (source: @glassnode). @glassnode warns that such conditions may raise the risk of sudden volatility shocks in the Bitcoin market (source: @glassnode).

According to QCP (@QCPgroup), perpetuals open interest has declined, funding rates have normalized, and there is increasing demand for short-dated downside protection. Notably, high-beta retail traders such as James Wynn have reduced exposure, signaling a shift toward more cautious positioning in the crypto derivatives market (source: QCP Twitter, May 27, 2025). Traders should monitor these signals, as reduced open interest and hedging demand typically precede potential volatility or corrective moves in top cryptocurrencies.