Panic premium lingers in options even as bitcoin recovers from lows

The crypto market pulled back from potential peril on Thursday, with bitcoin BTC$67,572.99 rising 3.9% from a local low of $65,600.

Prices advanced overnight, with bitcoin adding 2% since midnight UTC, solana (SOL) gaining 2.7% and ether (ETH) rising 1.2%.

The broader downtrend, however, remains intact with bitcoin printing a series of lower lows and lower highs to give back all of the gains it made in the 12 months ended October 2025.

In the short term, bitcoin needs to break above $72,000 to confirm a bullish shift from the range-bound price action that has seen it float between support and resistance.

Spot bitcoin ETFs in the U.S. have posted their largest drawdown of this cycle, with 100,300 BTC in withdrawals since October. That equates to around $6.8 billion of extra selling pressure on an already fragile market.

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Michelle Ross