[Derive Founder: Bitcoin Options Show Divergence, Funds Lean Towards Caution] Derive founder Nick Forster stated that traders are shifting towards defensive structural setups, with the 30-day implied volatility of Bitcoin rising to nearly 45% and skew remaining around -5%. Market positions are highly polarized, with bullish options accumulating at strike prices of $100,000 and $120,000, while bearish positions are concentrated near the $85,000 strike price. Implied probabilities from options indicate that the likelihood of Bitcoin reaching $100,000 is approximately 30%, while the probability of reclaiming its all-time high is around 10%.