[Analysis: The current market shows similarities to the early stages of the 2022 bear market, but investor sentiment is stabilizing and improving] Glassnode's latest weekly report points out that the current market conditions bear similarities to the early stages of the 2022 bear market (also known as the crypto winter). From November to December, open interest has been steadily declining, indicating a reduced risk appetite in the market, especially following the flash crash liquidation event on October 10. Sentiment in the options market remains cautious, with investors leaning more toward selling rather than chasing upside potential. Earlier this week, as Bitcoin's price approached $80,000, put option buying dominated. However, as prices subsequently stabilized, investor panic subsided, and funds flowed into call options. Perpetual contract funding rates have remained largely neutral, with only brief periods of negative values, while funding premiums have also significantly declined. This suggests a more balanced market environment with reduced speculative activity. ETF demand continues to weaken, with IBIT experiencing outflows for the sixth consecutive week, marking the longest streak of negative flows since its launch in January 2024. Total redemptions over the past five weeks have exceeded $2.7 billion. Derivatives data further corroborates the decline in risk appetite.