Bitcoin options traders increase downside protection as futures longs maintain bullish exposure

Bitcoin options traders are increasing demand for downside protection, with the 25-delta skew climbing to 8.6% from 5.2% as put options become more expensive relative to calls. Meanwhile, aggregate funding payments by perpetual futures longs jumped 49.4% to $1.6 million, indicating continued leveraged bullish exposure despite weak spot market buying. This divergence emerges as Bitcoin trades near $81,300, more than 2% lower than the previous week, leaving the market exposed to renewed volatility if spot selling persists and leveraged traders are forced to reduce positions ahead of a Federal Reserve interest-rate decision later this month.