Bitcoin’s volatility has nearly disappeared. The risk hasn’t.

Spot bitcoin ETFs are yet to see outflows this month, bringing in $754 million in the first week of August. Yet, bitcoin remains steady at $64,700, while options flow favors protection at $62,000 and $63,000.

The opposing signals point to a market with a spot bid but limited conviction. ETF demand has seemingly returned, but derivatives traders are guarding against a retreat ahead of today’s U.S. jobs report.

The options market adds another layer. Put options, giving holders the right but not the obligation to sell, accounted for 53.8% of bitcoin options volume over the past 24 hours, and three of the four most-traded contracts were puts at $62,000 or $63,000 expiring Aug. 10, Aug. 14 and Aug. 28, CoinGlass data shows.

Calls still represent 60.7% of total open interest, showing that the broader options market remains tilted toward calls even as recent trading focuses on downside puts.

Protection is also cheap. Deribit’s DVOL index, which tracks bitcoin’s expected 30-day volatility, is near 35, down from a high of 90 earlier this year. That implied volatility tracks the market’s pricing of future movements, implying not much is expected to happen in the near future.