ChainCatcher news, according to The Block, analysts say that as Bitcoin's price has recently pulled back, traders' demand for downside protection has increased, which is reflected in the rise in the number of put options.According to data from Deribit, the put/call ratio of Bitcoin options open interest expiring on Friday has risen above 1, which is seen as a bearish signal for the market. A ratio above 1 means that the number of put options traded significantly exceeds that of call options. This indicates that more investors are betting on or hedging against a price decline rather than a price increase."The increase in Bitcoin options open interest is mainly due to the rise in open interest of relatively bearish put options, which aligns with the recent price pullback of the asset, as Bitcoin options traders have increased their downside bets and hedges. The surge in the put/call volume ratio and a one-month 25-Delta skew indicate a significant increase in demand for downside protection," ETC Group wrote in the report.The report also noted that the implied volatility of Bitcoin options has increased during the recent decline, with the current implied volatility of at-the-money Bitcoin options for one month being around 50.5%. "The term structure of volatility is now also inverted, with the implied volatility of short-term options significantly higher than that of long-term options, which is often a sign of extreme bearishness in the options market," ETC Group analysts added.

ChainCatcher message, Greeks.live macro researcher Adam posted on the X platform that 18,000 BTC options are about to expire, with a Put Call Ratio of 0.65, and the maximum pain point at $61,500, with a nominal value of $1 billion. 164,000 ETH options are about to expire, with a Put Call Ratio of 0.36, and the maximum pain point at $3,350, with a nominal value of $470 million.In addition, Adam stated: "At the beginning of July, the crypto market faced a sharp decline, with major cryptocurrencies dropping to new lows in months. Just after the quarterly settlement, the market experienced huge volatility, and the implied volatility for major expirations increased significantly, presenting a good opportunity for institutional sellers to build positions. The market sentiment is relatively pessimistic, with the implied volatility of bearish options for mainstream coins rising significantly, and the term structure showing an inverted pattern of low near and high far. There will be clearer news regarding the ETH ETF soon, and friends looking to buy the dip can consider purchasing some call options for the end of the month, as the cost-effectiveness far exceeds that of going long on futures."

ChainCatcher news, the fixed income protocol Term Structure has been launched on the mainnet at X.Previous news, the fixed income protocol Term Structure completed a $4.25 million seed round financing, led by Cumberland DRW.

ChainCatcher news, the non-custodial fixed income protocol Term Structure has announced the completion of a $4.25 million seed round financing, led by Cumberland DRW, with participation from Decima Fund, HashKey Capital, Longling Capital, and MZ Web3 Fund. To date, its total financing amount has reached $8 million.According to RootDatat, Term Structure is a non-custodial fixed income protocol, and the current testnet has been launched on Ethereum Goerli. The protocol has two core markets: in the primary market, users can place orders to borrow or lend tokens at a fixed interest rate and fixed maturity date. Once an order is matched, the borrower will receive the borrowed tokens and must repay the debt before the maturity date to reclaim the collateral. Lenders will receive fixed income tokens, which can be redeemed for principal and interest at maturity. In the secondary market, users can buy and sell fixed income tokens through an order book trading system.