Lack of Conviction in Institutional Bitcoin Positions

Despite bitcoin's recent 7% price surge, the recovery remains fragile, with institutions adopting a cautious stance ahead of key events such as the US inflation report and US-Iran talks. The options market reveals a mixed approach, with institutions pursuing upside potential through call options while also seeking downside protection through puts. The demand for puts persists, indicating a lingering bias towards protection against declines. The upcoming US consumer price index is expected to show a significant increase in annualized inflation, potentially impacting risk assets like bitcoin. The outcome of the US-Iran talks may also influence financial market stability and bitcoin's price trajectory.