A recent report from Bybit and Block Scholes reveals a significant downturn in the cryptocurrency market. The report highlights how Bitcoin’s price fell sharply below $82,000 throughout the past week, erasing year-to-date gains and pushing average ETF investors into negative territory. This decline was largely driven by heightened risk aversion following positive US employment data and an expected delay in the release of the October jobs report. The report indicates that traders are increasingly moving toward short-term downside protection as volatility on derivatives markets rises. Notably, open interest in perpetual swaps, a key indicator of leveraged trading activity, remains stagnant, suggesting limited investor appetite for rebuilding leverage after the October unwind.