Analysis: Options trading is bearish on ETH, and the weakening of US stock futures has triggered increased risk aversion.

Bitcoin and Ethereum prices remained relatively stable, while US stock index futures weakened as risk aversion spread, prompting traders to turn to safe-haven assets like gold and silver. However, the altcoin sector showed slight strength. LayerZero's ZRO token rose 12% in the past 24 hours, while TRX and DASH both gained approximately 3%, driven by traders' anticipation of a major upgrade in early February. Derivatives data shows that bullish traders were caught off guard by the price drop earlier this week, with Bitcoin's 30-day annualized implied volatility index (BVIV) falling back to 40%. Deribit data shows that short-term and near-term Ethereum put options are priced higher than Bitcoin put options, indicating that traders are more bearish on Ethereum. In terms of block trades, the market favors Bitcoin straddles (betting on volatility) and Ethereum put spread strategies. (CoinDesk)