币界网报道：Bitcoin and ether traders are increasing downside protection as market indicators suggest potential volatility this summer. Data shows negative 25-delta risk reversals for BTC across June-August tenors, with ETH puts remaining expensive through July, signaling investor caution. QCP Capital notes this reflects active hedging by long holders preparing for possible drawdowns. Paradigm's OTC platform reveals bearish BTC trades dominating weekly activity, while ETH sees put positions alongside volatility shorts. Despite spot ETF demand, BTC has remained range-bound near $100,000 for 40+ days, with Coinbase Institutional attributing the stagnation to retail hesitation and growing put option interest. Friday's close below the 50-day SMA may trigger technical selling below $100k, though some analysts like Cas Abbé predict a Q3 rally to $130k-$135k based on persistent buying pressure.