[Glassnode: Macro Uncertainty Continues to Weigh on Bitcoin, Market Cautious but Not One-Sided] Odaily Planet Daily News – Glassnode published an analysis stating that macroeconomic uncertainty continues to drag down Bitcoin's performance. Over the past week, gold outperformed Bitcoin by more than 20%, partially taking away its 'store of value' status. The options market shows a significant shift in investor sentiment, with Bitcoin's short-term volatility surging to 50, and traders paying a premium for immediate protection. The market structure leans towards defensiveness, with strong demand for put options and the cost of downside protection exceeding the exposure to upside risk. Nevertheless, capital flows remain relatively balanced. Some accounts are reducing protective positions, some investors are selling volatility during the downturn, while others are selectively buying cheap call options, indicating that the market is cautious but not entirely one-sided.