📉 Is #Bitcoin cycle top already in?

One key metric is flashing caution: call option interest has dropped to cycle lows, while protective puts are increasing a sign traders are turning more defensive.

At the same time, large holders are still accumulating, suggesting long-term conviction hasn’t disappeared.

$BTC is consolidating around $87K, stuck between fear and confidence.

Markets rarely give clear answers in real time this feels more like a decision zone than a final verdict.

What do you think: cycle top in, or just another pause? 👇

#Bitcoin #BTC #CryptoMarket #OnChainAnalysis