Bitcoin remains on track for its worst month since 2022, and exchange-traded funds investing in the token look likely to record their heaviest monthly outflows since launching. In the Bitcoin options market, the cost of purchasing downside protection has fallen sharply, with the premium for one-week puts over calls sliding to around 4.5% from a 2025 high of 11% reached on Friday, according to Caroline Mauron, co-founder of Orbit Markets. Another metric drawing attention is Bitcoin’s 14-day relative strength index, now at 32 after a steep decline from early October.