According to @glassnode, crypto options activity has cooled over the past month, indicating lighter flows in derivatives markets (source: glassno.de/3KZvBT5). According to @glassnode, lighter flows often signal lower conviction behind upside narratives, reducing the strength of bullish follow-through (source: glassno.de/3KZvBT5). According to @glassnode, demand for put protection remains present, highlighting ongoing hedging interest despite softer upside participation (source: glassno.de/3KZvBT5).