The cryptocurrency market has entered a phased recovery, with Bitcoin rebounding above $65,000 after hitting lows unseen since October 2024 and Ethereum climbing from $1,750 to nearly $1,900. Despite this technical rebound, macroeconomic pressures such as weak tech stocks and reduced risk appetite continue to drive market deleveraging. The options market remains cautious, evidenced by extreme protective buying and put options positioning that signal ongoing hedging against severe downside risks.

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