Matrixport: The bearish sentiment in the BTC and ETH options market has eased

Matrixport released a chart stating that since late August, the skew of BTC and ETH options has remained in negative territory, with the market consistently pricing for downside protection, leading to relatively higher implied volatility for put options and an overall cautious sentiment.

In a horizontal comparison, the skew of BTC is generally weaker than that of ETH. The deepening of the skew in mid-November reflects a market under pressure, with a noticeable increase in demand for put options and a rise in risk-averse sentiment. Although the skew has recently rebounded, it remains in negative territory, and the pricing focus in the options market still leans towards downside risk, with insufficient pricing for reversals. The repair of the skew also indicates a cooling of pessimistic sentiment, and the market's bearishness has somewhat eased.