New data from cryptocurrency exchange Bybit, in collaboration with renowned economist Block Scholes, reveals the cryptocurrency market’s struggle against mounting macroeconomic pressures. Amidst escalating US-China trade tensions and new tariffs announced by the Trump administration, Bitcoin (BTC) has reached levels not seen since 2023’s financial crisis. This turbulent period saw a shift towards protective strategies as traders sought to hedge against potential losses. The report highlights the impact of increased volatility on market indicators, including ‘OTM puts’, which dominate short-term BTC volatility, surpassing even historical highs of the 2023 banking crisis. While the market experienced a brief recovery following the 90-day pause, it remains vulnerable to shifts in global economic policies and geopolitical tensions.